Dealmaker: Fantini & Gorga Arranges $9M For Hotel, Retail, Industrial

Fantini & Gorga, Boston, arranged $9 million in first mortgages secured by New England hotel, retail and industrial assets.

In Mystic, Conn. Senior Managing Director Casimir Groblewski and Analyst Lindsay Feig secured $4.6 million for a Days Inn & Suites near The Mystic Aquarium and the Mystic Seaport Museum.

“There was a tight timeframe within which all due diligence and the closing had to occur,” Groblewski said. “The transaction was complex since the hospitality operating company was also revamping its management.”

The subject property is a 120-key two-story motel with 51,800 square feet of space on 4.9 acres fronting Whitehall Avenue.

Senior Director Chris Miller and Feig also arranged $2.1 million in financing for two newly constructed free-standing Dollar General stores in Wells, Maine and Vernon, Conn. The properties are leased on an initial long-term triple net basis to Dollar General and carry a corporate guarantee.

The Vernon, Conn. store delivered in 2017 and is surrounded by multiple apartment and townhouse developments and a Dunkin Donuts, Subway and Natures Grocer. The Wells, Maine store was also constructed last year and received its certificate of occupancy in January.

Miller said a regional financial institution provided the financing for the 1031 exchange deal. “We delivered 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,” he said.

In Agawam, Mass., the firm placed a $2.3 million first mortgage on a multi-tenant industrial/flex building. Groblewski and Senior Director Jason Cunnane arranged the financing on behalf of a group of investors with a Massachusetts financial institution.

The subject property contains 140,000 rentable square feet on 21 acres of land off Route 5 near the Massachusetts Turnpike.