BOSTON – Fantini & Gorga announced that it recently arranged a $3.45 million refinancing for State Road Plaza, in North Dartmouth, MA.
Fantini & Gorga represented New York-based 331 State Road Associates LLC in the transaction. Casimir R. Groblewski, Senior Managing Director, originated the assignment and placed the financing.
State Road Plaza is a regional strip center with 29,505 square feet of rentable area. It is located on 5.81 acres of commercially zoned land on State Road, which is also known as Route 6, across from the 670,000 square foot North Dartmouth Mall. The property can also be accessed from Old Westport Road. North Dartmouth is part of the town of Dartmouth, the home to the University of Massachusetts-Dartmouth.
North Dartmouth is the major commercial neighborhood of the town, and its many national retailers draw shoppers from \nearby New Bedford, Fall River, and parts of Rhode Island. State Road Plaza is tenanted by J.D. Byrider and Newbury Comics, both regional chains, and Pearson Vue, a national tutoring service, as well as a number of local retailers and service providers.
“Our client had specific requirements for this assignment,” stated Mr. Groblewski. “The current loan was maturing and there was a tight timeframe within which all due diligence and the closing had to occur. The lender we chose was a Massachusetts-based financial institution that offered a creative structure and terms reflecting the great location and occupancy history, as well as the superior sponsorship.”