Fantini & Gorga Secures $3.45M in Refinancing for N Darmouth Retail CenterJanuary 29, 2018 - By The Real Reporter
BOSTON—Representing New York-based 331 State Road Associates LLC, Fantini & Gorga recently arranged a $3.45M refinancing for State Road Plaza, in North Dartmouth, MA. Casimir R. Groblewski, Senior Managing Director, initiated the undertaking and ultimately arranged the financing.
“Our client had specific requirements for this assignment,” recalls Groblewski. “The current loan was maturing and there was a tight timeframe within which all due diligence and the closing had to occur. The lender we chose was a Massachusetts-based financial institution that offered a creative structure and terms reflecting the great location and occupancy history, as well as the superior sponsorship.” Fantini & Gorga took pride in the success of this time-sensitive project that was furthered by the investment prospects offered by the plaza’s propitious location and strong tenant line-up.
The regional strip center comprises 29,505 square feet of rentable area located on 5.81 acres of commercially zoned land on State Road, also known as Route 6. Right across from the 670,000 square foot North Dartmouth Mall, the site has high visibility and easy access, with an additional entrance from Old Westport Road. Additionally, North Dartmouth contains the major commercial neighborhood of the larger town of Dartmouth, and its many national retailers draw shoppers from nearby New Bedford, Fall River, and parts of Rhode Island. State Road Plaza itself contains a mix of both local and national retailers including regional chains, J.D. Byrider and Newbury Comics, and Pearson Vue, a national tutoring service, along with local businesses. The loyal and prosperous tenants and strategic location ultimately helped Fanti & Gorga when it came to negotiating the proper deal and securing the financing.Casimir R. Groblewski