Fantini & Gorga has arranged a $3.5 million financing of a 16,650 s/f office building. The transaction represents a refinance of the borrower's existing debt, which was also put in place by Fantini & Gorga managing director Wayne Clough with correspondent life insurance company Lincoln Financial Group. Clough was assisted on the new placement by colleagues Mark Whelan, director, and Heather Baldassari, director of servicing and operations.
The new loan was originated with StanCorp Mortgage Investors, LLC, with whom Fantini & Gorga enjoys a correspondent relationship. StanCorp is the commercial real estate lending arm of The Standard, an Oregon-based life insurance company.
"Given the potential for a substantial amount of the building to roll within five years, we are extremely pleased that our lending partner was able to assist this well qualified, long-term client obtain non-recourse debt with favorable terms in a turbulent office environment," said Clough.
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. An affiliate of Eastern Bank, Fantini & Gorga combines deep regional roots, broad experience, market knowledge, and national/international reach in access to capital.