Spectrum Arranges $8 Mil Loan on Behalf of Burlington Self Storage

BURLINGTON, MA-Spectrum Financial Corp. has arranged $8 million in mortgage financing on behalf of Burlington Self Storage. Made via a CMBS lender, the note supports the 5.7-acre self storage complex, which is located on Ray Avenue, just south of the Route 3/Interstate 95 interchange.

Spectrum Director Casimir Groblewski secured the loan on behalf of the property’s owners, says Spectrum principal Stanley Sidel. Built between 1989 and 1991, the facility features five two-story buildings encompassing 785 storage units. The climate-controlled development, which includes a gated security system and central alarm, is 100% occupied.

Founded in 1971, Spectrum Financial Corp. is one of the oldest mortgage banking firms in Greater Boston, according to principal Joseph Hegenbart. The firm provides services for a range of property types, including office buildings, specialty retail, distribution centers and multi-family properties.