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172,000-SF Building Secures $20M in Financing

CAMBRIDGE, MA-Fantini & Gorga/iCap Realty Advisors arranged $20 million in permanent financing for Central Plaza, a 172,000-sf office building at 675 Massachusetts Ave.

By Naomi Grossman | Updated on March 04, 2004

CAMBRIDGE, MA-Permanent financing in the amount of $20 million was secured for Central Plaza, a 172,000-sf office building at 675 Massachusetts Ave. Fantini & Gorga/iCap Realty Advisors arranged the loan. “Our lender appreciated the special qualities of this asset and delivered a very competitive deal,” says George J. Fantini, Jr., chairman of Fantini & Gorga/iCap.

The property consists of a 14-story office building and a connected five-story building, as well as a 257-car parking lot behind the buildings. The property is more than 90% occupied. Among its tenants are Aspen Publishers, Institute for Foreign Policy Analysis, Trade Quotes Inc., Altman & Assocs., PC, Cambridge Housing Authority, Birkhauser of Boston, Chisholm-Washington Architects, Cambridge Transcriptions, Le Messieure Assoc., Harmonix and HMFH. The loan was placed with a major securitized lender. The building is owned by Central Plaza/Wells Ave. LLC. Office space in the building rents for about $24 per sf.

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