Two New Dollar General Stores and A Hotel Financed by Fantini & Gorga In Maine and CTJune 15, 2018 - By The Real Reporter
BOSTON–Fantini & Gorga recently arranged $2,168,000 in financing for two newly constructed, free-standing Dollar General stores located in Wells, ME and Vernon, CT. The properties are leased on an initial long-term triple net basis to Dollar General carrying a corporate guarantee.
The Wells, ME store obtained its certificate of occupancy in January of 2018. The site contains architectural upgrades that include clapboard siding, masonry knee-wall, a peaked roof, and windows. The store is centrally located to other retails, near a UPS Customer Center, with Dairy Queen and Cumberland Farms nearby. The Vernon, CT store is also well located, surrounded by multiple apartments and townhouse developments consisting of several hundred units. There is a Dunkin Donuts, Subway and Natures Grocer present in the immediate area.
Chris Miller, Senior Director, and Lindsay Feig, Analyst, represented their New England based client, arranging the financing with a regional institute. “We were pleased to assist our client to arrange competitive terms that fit in line with his 1031 exchange needs ... we were able to deliver 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, stated Miller.”
In addition to the retail assets, the commercial finance brokers recently arranged a $4,672,500 first mortgage loan for the acquisition of the real estate related to the Days Inn & Suites in Mystic, CT. Fantini & Gorga placed the financing on behalf of a long-standing client as part of a 1031 exchange.
Casimir Groblewski, Senior Managing Director, and Lindsay Feig, Analyst, represented their client in the transaction. “We were pleased to assist the buyer with its specific requirements for the financing,”
noted Mr. Groblewski. “There was a tight timeframe within which all due diligence and the closing had to occur. The transaction was complex since the hospitality operating company was also revamping its
management. The lender, a major New England-based financial institution, with an excellent track record, offered our client the creative structure that was needed.”
The property consists of 120 key, two-story motel with 51,732 square feet of space on a 4.92-acre lot. The Day’s Inn has frontage on Whitehall Avenue, which is a major thoroughfare intersecting with Route
I-95, and it enjoys good visibility and access. The Mystic Aquarium, with over 700,000 annual visitors, as well as the Mystic Seaport Museum, are in close proximity to the subject.