Renovations Underway with $2.5 Million In Financing For Peaobody OfficeFebruary 26, 2019
PEABODY–Boston-based Fantini & Gorga recently arranged $2,500,000 in first mortgage financing for a 40,861-square foot, 22 tenant office property owned by Hect Development, located on Newbury Street in Peabody, MA.
The Fantini & Gorga team was led by Derek Coulombe, Senior Managing Director and Lindsay Feig, Senior Analyst, who together arranged the financing. “The lender understood the desirable location of the asset, the quality of the tenants and the limited risk in lease roll. Due to these factors, financing was placed with one of our exclusive Life Insurance Companies” stated Coulombe. “Due to the highly competitive capital market environment, we successfully negotiated a favorable rate for a fifteen year, fixed-rate non-recourse loan,” said Coulombe. Since this was our client’s second transaction with the lender, we were able to close quickly.”
1R Newbury Street is a four-story office building with professional suites ranging from 250 to 10,000 square feet. It is currently undergoing an extensive lobby and common area renovation with new lobby tile, carpet, paint and furniture. The elevator has also been upgraded to modern cosmetic standards with new flooring, upgraded walls and a new modern ceiling. The subject is part of Peabody Corporate Center which is a Campus setting and is well landscaped, with outdoor areas for relaxation and over 300 parking spaces. 1R Newbury Street is adjacent to the Holiday Inn Peabody and is strategically located at the intersection of Routes 1, 128 and Interstate 95.