Needham, MA– Fantini & Gorga has arranged $3,667,500 in acquisition financing for Ocean Side Plaza, a 42,883 square foot neighborhood strip center, in New Bedford, MA.
Senior Managing Director Casimir Groblewski arranged the financing for his client, HEET LLC, a Massachusetts based real estate investor.
New Bedford is famous for its maritime history. The largest fishing fleet in America is based in the city, and its wholesale scallop market draws boats from the entire Eastern Coast fleet. as far away as on the Atlantic Coast. The city’s Whaling Museum and other attractions are destinations for many tourists.
Ocean Side Plaza is located at 160 West Rodney French Boulevard in New Bedford’s south end. Across the street is the Clark’s Cove public beach, as well as the Kilburn Mill, a repurposed textile mill complex tenanted by many small businesses and a variety of community spaces. Less than ¼ mile distant is Hazelwood Park, one of the largest public recreational areas in the city.
Ocean Side Plaza has an excellent occupancy history, and is anchored by Family Dollar, Advance Auto, and the MA Department of Transitional Assistance. The property also features a rooftop solar panel array. The 4.9-acre site offers excellent visibility and accessibility.
The financing was placed with a major MA-based financial institution. “We were pleased to match our client with this lender,” said Mr. Groblewski. “A number of lenders bid on this opportunity, and we were able to negotiate a structure that allowed the flexibility our client sought, along with competitive terms.”