BOSTON – Boston-based Fantini & Gorga recently arranged $2,500,000 in first mortgage financing for a 40,861-square foot, 22 tenant office property located on Newbury Street in Peabody, MA.
The Fantini & Gorga team was led by Derek Coulombe, Senior Managing Director and Lindsay Feig, Senior Analyst, who together arranged financing on behalf of the client.
“The lender understood the desirable location of the asset, the quality of the tenants and the limited risk in lease roll. Due to these factors, financing was placed with one of our exclusive Life Insurance Companies” stated Mr. Coulombe. “Due to the highly competitive capital market environment, we successfully negotiated a highly favorable rate for a fifteen year, fixed-rate non-recourse loan. Since this was our client’s second transaction with this lender, we were able to close quickly.”
1R Newbury Street is a four-story office building with professional suites ranging from 250 to 10,000 square feet. It is currently undergoing an extensive lobby and common area renovation with new lobby tile, carpet, paint and furniture. The elevator has also been upgraded to modern cosmetic standards with new flooring, upgraded walls and a new modern ceiling.
The subject is part of Peabody Corporate Center which is a Campus setting and is highly landscaped, outdoor areas for relaxation and over 300 parking spaces. 1R Newbury Street is adjacent to the Holiday Inn Peabody and is strategically located at the intersection of Routes 1, 128 and Interstate 95. Peabody Corporate Center is exactly one exit away from the recently opened Marketplace in Lynnfield. Tenants there include Whole Foods, Legal Seafood, Starbucks, Yard House, Davios, and Kings.
