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WALTHAM, MA-A permanent first mortgage loan in the amount of $5.4 million was nailed down for the 28,138 sf CVS/Staples Plaza. Casimir Groblewski of Fantini & Gorga/iCap Realty arranged the financing.

The plaza, which is located at 800-814 Lexington St., at the corner of Lake Street, consists of a newly developed retail building containing 27,938 sf of rentable area, as well as a 200-sf ATM structure. The tenants are CVS Pharmacy, Staples, the Office Superstore and Watertown Savings Bank. Both CVS and Staples relocated to this site from nearby inline plazas. Previously, the parcel was home to the Wal-Lex Bowling and Rollerskating Complex.

“Institutional lenders were attracted to this significant opportunity because of the high quality of the construction, location, visibility, tenancy and sponsorship,” says Groblewski, managing director at Fantini & Gorga/iCap. “We matched a leading life insurance company with our client, an affiliate of Coffman Realty Inc., a preferred developer for CVS throughout New England. Our lender offered the borrower a very low interest rate loan, the term of which matched that of the major tenant’s lease and which was subject to a complex ground lease arrangement.”

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