Pawtucket, RI Fantini & Gorga has arranged $6.5 million in permanent financing for the Dexter Street Lofts and Waterloo Lofts, two converted mills buildings containing 67 units. Dexter Street Lofts is the third phase of a larger development which includes the adjacent 144-unit Lofts 125, which is 100% leased and occupied. Construction of Dexter Street Lofts began in May 2015 and the final certificate of occupancy was issued April 26, with property now being fully stabilized. Waterloo Lofts was also rehabbed in 2015 and is 100% occupied.
Dexter Street Lofts - Pawtucket, RI“We were pleased to have secured attractive fixed rate loan facilities from a major regional banking institution”, stated Tim O’Donnell, principal at Fantini & Gorga, who together with Chris Miller, senior analyst arranged the financing. “We were delighted to have delivered a low fixed rate and the best overall financing package consistent with our client’s objectives after having the properties leased up so quickly. The project created plenty of interest with the quality of the finishes provided to the loft units.”
Dexter Street Lofts consists of 48,000 s/f of studio, one and two bedroom market rate loft-style apartments. The tenancy is comprised of mostly single professionals given there are 37 studios and 14 one bedroom units. The floor plans are large with an average square footage of 903 s/f.
Unit interiors include features such as 14’ high ceilings, exposed brick and beam aesthetics, oversized windows, original wood columns and loft space. Kitchen and bath finishes include natural cabinets, appliances (refrigerator, dishwasher, electric stove and microwave) and laminated counter tops.
Waterloo Lofts contains 14 units with an average of 1,257 s/f per unit. The property has 17,600 s/f of gross living area. The unit mix consists of two studios, 6 one-bedroom and 6 two-bedroom/one bath units.
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.