BOSTON– Fantini & Gorga recently arranged a $2,750,000 first mortgage loan for the acquisition of TGI Friday’s in Manchester, CT. Fantini & Gorga placed the financing on behalf of a long-standing client that has offices here in New England and in Florida.
Casimir Groblewski, Senior Managing Director, and Lindsay Feig, Director, represented their client in the transaction.
“We were pleased to assist our client in acquiring this property as the down leg of a 1031 tax deferred exchange” Mr. Groblewski stated. “This TGI Friday’s is well located and has been successful since it opened in 1997. The loan was placed with a Massachusetts-based financial institution that understood our client’s timing and loan structure needs. Due to the strength and experience of the sponsor, the new 15 year NNN lease with annual rent escalations, and the moderate loan to value ratio, the lender was able to offer a low rate and could guarantee execution.”
The subject property is at the corner of Hale Road and Slater Street, adjacent to the Marriott Courtyard Hartford, and in front of the Marriott Residence Inn. It consists of a free-standing building with 7,732 square feet of net rentable area, on a lot measuring 2.52 acres. Hale Road is a major retail corridor that connects to SR 30 (Deming Street), and then to Route I-84, which parallels Hale Road. Traffic counts along this section of Hale Road exceed 18,900 VPD, and along I-84 109,300. The Shoppes at Buckland Hills, less than 0.5 miles from the subject, is a major regional draw with 120 stores.