Malden, MA Fantini & Gorga recently arranged an $18 million construction loan for the redevelopment of a historically significant building in Malden Center into 71 apartments and amenity retail. The apartments will be known as the Residences @ Malden Station 138 and is a follow up to the sponsor’s successful development nearby.
Derek Coulombe, managing director, John Gorga, president, and Despina Hatzipetrou, senior analyst, at Fantini & Gorga arranged the financing. Fantini & Gorga placed the financing with a regional bank.
The Residences @ Malden Station 138, 126-150 Pleasant Street- Malden, MA“The combination of the transit-oriented nature of this development, as well as the strength of the sponsor and excellent location, attracted a wide range of lenders,” said Coulombe. “We were delighted to deliver very attractive terms to our client, while limiting the amount of equity the borrower needed to contribute.”
The Residences @ Malden Station 138 is located at 126-150 Pleasant St. in downtown. Being a historically significant building the sponsors will maintain the building’s façade and several key interior historic features that will provide new tenants a unique living experience. An addition in the rear of the building will house 40 of the 71 residential units with indoor parking. Amenities of the project will include a fitness center, furnished roof deck, fireplace, meeting rooms, open seating areas furnished with televisions and a café station. The unit interiors will be modern, spacious and feature an open layout.
Fantini & Gorga is one of New England’s leading mortgage banking firms. Headquartered in Boston, Fantini & Gorga specializes in assisting its clients in arranging traditional debt, mezzanine, and equity financing for all commercial property types throughout the United States. Fantini & Gorga combines deep regional roots, broad experience, market knowledge, and national/international reach in access to capital.
