Boston mortgage banking firm Fantini & Gorga has arranged $3.10 million in permanent financing on behalf of Barron Chevrolet Inc. at 90 Andover St. in Danvers.
It is leased under a long-term arrangement to Argonaut Holdings (General Motors) and sublet to Herb Chambers Chevrolet, Buick, Pontiac & Hummer Inc., a subsidiary of the New England auto dealer.
Improvements at the 7.45-acre site include a modern and well designed 33,200-square-foot dealership building. The dealership that Herb Chambers operates at this location is a full-service, high volume operation.
"The lender, a Massachusetts-based banking institution, was familiar with automobile dealerships, and immediately recognized the underlying value of the subject property and location, even in today’s economic times and the difficulties that the auto industry has experienced," said F&G Managing Director Casimir Groblewski. "The lender offered our client a well structured, permanent loan package that replaced maturing debt."
