Fantini & Gorga Secure $17-Mil. Loan

Fantini & Gorga has arranged a $17-million loan to finance the acquisition of a 125,000-sf office/warehouse. The building at 10 Presidential Way has been purchased by Nordic Properties of Burlington, which has launched an extensive renovation of the structure.

“This property is an excellent example of Nordic’s skill at identifying real estate opportunities and creating value,” says John Gorga, a principal at the mortgage banking firm that secured the note. “The redevelopment is a grand example of the intelligent reuse of this well-located property.”

Nordic is adding 40,000-sf to the building, which has prominent visibility along Interstate 93 and is just two miles from Route 128. Nordic Properties vice president Dan Bowen says activity has been strong for the building, estimating that 90% of the space has already been leased. Nordic and its parent, the Nordblom Co., control nearly 7 million sf of commercial property investments locally.