Whelan and Gorga of Fantini & Gorga arrange $21.5 million permanent loan for Miller Place Shopping Center

Fantini & Gorga has closed a $21.5 million permanent loan on Miller Place Shopping Center. The property is anchored by a Stop & Shop, which leases more than 70% of the center's space. Other notable tenants in the center include a Chase bank branch and Starbucks. The shopping center is located on 25A, a retail corridor for this area. The loan was sourced through a CMBS lender. The borrower is an affiliate of The Richmond Co., a developer, owner and manager of primarily retail properties and residential projects, which has owned the property for more than ten years. The Richmond Co. has been involved in the development of millions of s/f of retail space and dozens of residential projects since its founding in 1990. It focuses its activity primarily in the northeastern United States, from Washington, D.C. to Maine. "The property, though well leased and in excellent condition, provided a challenge to some lenders due to unique partnership and lease nuances. We were able to secure exceptional terms despite these variables" stated Mark Whelan, managing director. "We are very pleased to have been able to execute this transaction for our long-term valued client," said John Gorga, president & principal of Fantini & Gorga, who placed the loan with the assistance of Whelan. Fantini & Gorga is one of New England's leading mortgage banking firms. Headquartered in Boston, Fantini & Gorga specializes in assisting its clients in arranging traditional debt, mezzanine, and equity financing for all commercial property types throughout the United States. ###