BOSTON - Fantini & Gorga announced that it recently arranged $8.08 million in permanent financing on behalf of its client, BSS Properties, Inc. The real estate involved in this transaction is Burlington Self Storage, located at 35 Ray Avenue in Burlington, Mass.
The subject property is ideally located just off Route 3 (Cambridge Street) and just south of Route I-95 and near Woburn and Lexington. Constructed by the borrower in 1991, the property offers renters five buildings and more than 88,000 rentable square feet. With 816 units of varying sizes, many of which are climate controlled and feature both drive-up and interior accessibility, Burlington Self Storage appeals to commercial as well as residential users. The property benefits from an excellent base of nearby condominiums and apartments, as well as small businesses and shopping centers.
BSS Properties, which develops, owns and manages self storage facilities and other properties in New England and Florida, takes pride in maintaining its portfolio to a high standard and offering its renters secure and competitively priced space with a full complement of services.
"The lender, a financial institution based in Greater Boston, responded quickly with a very well priced and structured bid after its initial inspection," said F&G Managing Director Casimir Groblewski. "The lender was familiar with the property, understood the industry, and it recognized the management expertise and experience of the borrower.
"Self storage as a property type has performed well in the face of the economic downturn, and has been shown to be a good investment," he continued. "All parties worked diligently to close this commitment in a timely manner, replacing a maturing conduit loan."