Mansfield, MA Fantini & Gorga arranged a $20.5 million financing package for the development of 300 North Main, a transit-oriented, mixed-use development.
Casimir Groblewski, senior managing director, and Lindsay Feig, director, arranged both the debt and the equity portions of the capital stack for the project. They placed the $19 million debt with two Massachusetts-based financial institutions and an additional $1.5 million of equity with a group of private investors.
The developer is 300 North Main LLC, a joint venture between Arista Development, LLC, and Crugnale Properties LLC. RESKON Group is the project manager and Annino Inc. is the architect for the project. The same development team also developed One Mansfield, a similar transit oriented development project of 80 units and 7,000 s/f of commercial space, in 2018. Crugnale Properties also developed Rumford Lofts, across the street from the subject.
300 North Main is being developed at the confluence of North Main St., Crocker St., and Mansfield Ave. in downtown. The MBTA’s Commuter Rail Station is across the street from the proposed development, thereby ensuring access to commuters traveling toward both Boston and Providence. The subject site is an assemblage of four contiguous parcels with a total area of 1.64 acres. There will be 167 parking spaces.
300 North Main will consist of two interconnected building modules four stories in height, with a total of 100 rental apartments and 11,674 s/f of multi-tenant retail space. There will be 64 one-bedroom and 36 two-bedroom apartments averaging 767 s/f and 958 s/f respectively. Of the 100 units, 15 will be affordable. Completion is expected to occur in mid-2020.
Groblewski said, “The popularity of Mansfield as a residential community, along with the transit-oriented nature of 300 North Main, attracted the attention of a number of potential capital sources, and we were pleased to have the opportunity to finance this important project. Transit oriented developments, especially on formerly underutilized sites like this one, are important for the continued smart growth of many cities and towns in Massachusetts.”
Ultimately the lender offered a debt structure that allows for a fixed rate construction and mini-perm loan. The upfront fixed rate was appealing to the developer and the outside equity as a risk management tool.
