BOSTON– Boston-based Fantini & Gorga announced that it recently arranged $2,168,000 in financing for two newly constructed, free-standing Dollar General stores in Wells, ME and Vernon, CT.
The properties are leased on an initial long-term triple net basis to Dollar General carrying a corporate guarantee.
The Vernon, CT store was constructed in 2017 and received its certificate of occupancy in July. The store is surrounded by multiple apartment and townhouse developments containing several hundred units with a Dunkin Donuts, Subway and Natures Grocer in the immediate area.
The Wells, ME store was constructed in 2017, with architectural upgrades that include clapboard siding, masonry knee-wall, a peaked roof and windows. It received its certificate of occupancy in January of 2018. The store is near a UPS Customer Center with Dairy Queen and Cumberland Farms nearby. Both stores are in ideal locations for Dollar General to continue their expansion nationally and in the northeast.
Chris Miller, Senior Director, and Lindsay Feig, Analyst, represented their New England based client and arranged the financing with a regional financial institution.
“We were pleased to assist our client to arrange competitive terms that fit in line with his 1031 exchange needs,” stated Mr. Miller. “We were able to deliver a non-recourse, cost effective loan, that was able to close on a tight time frame with a favorable rate on a thirty year amortization schedule.”