A new, 16,340-square-foot retail property in Dartmouth has secured $4.35 million in first mortgage financing.

The bulk of the property – 15,040 square feet – is leased to Walgreens. A local restaurant, Palace Pizza, occupies 1,300 square feet.

The building was completed in 2011, with Walgreens taking occupancy subject to a 25-year lease agreement. Keith Wentzel, managing director of  Fantini & Gorga, a Boston mortgage banking firm, arranged the acquisition loan for a major East Coast REIT which was funded by an undisclosed New England-based regional bank.

"Our client acquired a property in a strong retail location that was subject to a new 25-year lease with Walgreens, an investment grade-rated company. For those reasons, the transaction generated a lot of interest from both regional banks and national insurance companies. The lender provided 75 percent financing at an aggressive rate with a long-term amortization which were the major selling points for our borrower," Wentzel said.