Fantini & Gorga/iCap Realty Advisors, an affiliate of Eastern Bank, arranged the financing for 20, 40 and 45 Hartwell Ave., three, single-story buildings with 113,159 sf of space. The buildings are located near Route 128 and Hanscom Field, a local airport.
Joe Bartolotta, spokesperson for Eastern Bank, acknowledges the recent slowdown in the market here but insists that the right property can still get financing. "Lenders are being more careful about the kinds of real estate they invest in," he tells GlobeSt.com. "This one is in arguably the best location in the Greater Boston area along Route 128 in Lexington near Hanscom Field, which has become an alternative transportation area." Bartolotta also points out that the complex, which is fully leased, has a number of strong tenants including Nextel.
"Location, location, location combined with quality tenants is the difference here," he says. "The barrel never dries up completely but if you're an investor, this is the type of development you would go after."
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