The Boston office of Holliday Fenoglio Fowler L.P. (HFF) has arranged $7.85 million in financing for 25 Commerce Way, a 168,735-square-foot flex industrial building in North Andover.

Greg LaBine and Janet Krolman of HFF worked exclusively on behalf of the borrower, One Clark Street North Andover LLC, to secure the fixed-rate loan through Salem Five. Loan proceeds are being used to refinance existing debt, fund tenant improvements, leasing commissions and cover closing costs, according to a statement.

The single-story building has office, warehouse and manufacturing space and is 82 percent leased to GarrettCom, Peabody Supply, Comfort Foods and OSI Electronics.

"This transaction serves as another example of the availability of debt from the local banking community for loans under $15 million. HFF received considerable interest for 25 Commerce Way, due to the quality of the sponsorship coupled with the solid cash flow being generated by the multi-tenant property," said LaBine.