Dealmaker: Fantini & Gorga Arranges $25M
Michael Tucker email@example.com
Fantini & Gorga, Boston, arranged $25 million in first mortgages secured by New England multifamily and retail assets.
The firm placed $14 million in construction financing for a 71-unit redevelopment of a former corduroy mill called Waterhead Mill in Lowell, Mass. The loan represented a traditional construction loan underwriting coupled with a bridge to tax credit equity loan.
Derek Coulombe, Senior Managing Director with Fantini & Gorga, worked with Senior Analyst Lindsay Feig to secure the financing from a regional bank.
Waterhead Mill will be a four-story market-rate community on two acres bordered by the Concord River and Wamesit Canal. This site is next to the Concord River Greenway fitness trail. The unit mix includes four studio units and 67 one-bedroom units.
Established in 1900, Waterhead Mill was until recently home to Ramalho's West End Gym, seen in the 2010 film The Fighter.
Fantini & Gorga also arranged $11 million to refinance Salem, N.H. community shopping center North Broadway Crossing. Senior Managing Director Casimir Groblewski and Feig closed the deal.
"The quality of the development, its occupancy history and the extensive management experience of the borrower, which was the original developer, generated interest from a variety of lenders," Groblewski said. He noted a large Massachusetts financial institution offered the successful bid.
Occupying nearly 10 acres on North Broadway, the center has 900 feet of frontage on and access to state Route 28. The four-building complex delivered between 2005 and 2007. Major tenants include Pentucket Bank and McKinnon's Market.