Walgreens in Medway has secured financing for the remainder of its leasing term through Boston-based Fantini & Gorga.

The 14,560-square-foot property at 68 Main St. will receive $2.4 million in first mortgage financing from a New England-based community bank in the form of a 15-year, fixed-rate loan, matching the remaining 15 years on its lease. The building was subject to a ground lease that ran for another 55 years.

Keith Wentzel of F&G arranged the loan for a New Jersey-based investor who was refinancing a maturing CMBS loan.

“Our client was seeking a long term fixed rate loan structure that would mature when the Walgreen’s lease expired and the bank lender was able to accomplish that,” Wentzel said in a statement. “The deal was a little tricky since the Walgreen’s building was subject to a ground lease, but the bank was able to navigate through that and offered a very attractive fixed rate for almost 15 years.”

Medway Walgreens Secures $2.4M Refi

by Banker & Tradesman time to read: 1 min
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