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841 Mountain Avenue

Updated Dec 4, 2024

MLB Residential Mortgage Leases Office Space At 841 Mountain Avenue In Springfield
LEASEDOffice

MLB Residential Mortgage Leases Office Space At 841 Mountain Avenue In Springfield

841 Mountain Avenue

Building Size

5,000 SF

Asset Type

Office

Closing

Dec 6, 2023

About this deal

AI

MLB Residential Mortgage has leased 5,000 square feet of office space at 841 Mountain Ave. in Springfield. The lease was secured by Samuel P. Lamparello from the Boniakowski Commercial Real Estate Group. This new office space will enable MLB Residential Mortgage to enhance client service and improve staff efficiency.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: Not provided
  • Square Footage: 5,000
  • Address: 841 Mountain Avenue, Springfield
  • Market: Springfield

Todd Gannet, also from the Boniakowski Commercial Real Estate Group, represented the tenant, Samuel P. Lamparello, in this lease deal. The new office space at 841 Mountain Ave. will support MLB Residential Mortgage's goal of providing improved client service and increased staff efficiency.

In addition to the lease at 841 Mountain Ave., Todd Gannet secured a 1,000-square-foot office expansion for Backspin Records in Middlesex Borough. The expansion aims to accommodate the company's growing collection of classic vinyl records and provide convenience for their clients.

Note: The Boniakowski Commercial Real Estate Group facilitated both transactions, emphasizing client service and supporting the companies' growth.

Players

Todd Gannet

Broker

$21.6M

vol

5 deals

Broker

Springfield Office Market Snapshot

Boundary boundary · Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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