Dealmaker: Fanitini & Gorga Arranges $7.4m for Burlington, Vt. Offices

Fantini & Gorga, Needham, Mass., arranged a $7.4 million to refinance Park Plaza, an office/retail complex in Burlington, Vt.

Park Plaza, Burlington, Vt.

The company arranged a 20-year loan with the T-rate fixed for the first seven years. Terms include options to extend every five years until maturity based on a predetermined formula. The non-recourse loan was placed by Wayne Clough and Colin Monahan with a regional bank.

Park Plaza comprises 126 College Street and 95 Saint Paul Street. The buildings are home to a diversified group of office and retail tenants. It has an adjacent garage and is the long-time location of the Vermont Pub and Brewery.

Clough said the properties are ideally located in Burlington’s downtown center. The location provides tenants nearby highway access, garage parking, along with a highly walkable city center offering shops, restaurants and views of Lake Champlain, which is just blocks away.

Developed in 1984 and 1990, both buildings are currently undergoing upgrades to all common areas. Proximity to several other ICV Properties provides tenants the ability to expand as their operations grow.