NORTHBOROUGH, MA-A single-tenant office building at 41 Lyman St. has secured $3.3 million in financing. The tenant, APX Central Inc., is a subsidiary of Santa Fe Springs, CA-based Western Parcel Express, Inc.

Tremont Realty Capital's headquarters office in Boston arranged the loan, which was funded through a local bank, Medford Savings. The five-year, fixed rate, permanent loan provided for approximately 75% loan to value with a 7.25% interest rate. Rick Gallitto, of Tremont Realty notes that the borrower, Lyman Development Realty Trust, an affiliate of Rosewood Associates, a locally based developer, wanted a secure fixed rate mortgage at “very attractive” pricing.

Overall vacancy rates for this area continue to remain above 20% and Gallitto acknowledges that the market is soft here, but he tells GlobeSt.com that because of the quality of the tenant “we were able to get a bank excited” about the deal.