Fantini & Gorga has arranged two loans with a 25 year term totaling $7 million in permanent financing for 91 Prince St., a 21-unit multifamily property located in the North End and 33 Walbridge St., an 18-unit multifamily property located in Allston.
"We were pleased to secure funds from a national life insurance company that demonstrated the ability to execute on long term financing at today's incredibly low fixed rates and that provided the recapitalization of these assets." said Derek Coulombe, managing director at Fantini & Gorga, who together with Jason Cunnane, senior analyst, arranged the financing. "We were delighted to have delivered an attractive financing package consistent with our client's objectives for these quality assets."
91 Prince St. is a single five-story walk-up building containing 21 units with a mixture of 1, 2 and 3 bedroom units for a total of 15,800 s/f. The property is situated on .07 acre of land in the city's historic North End neighborhood. The building was originally built in 1910, was gut renovated to the studs in 1998 and has gone through a series of interior and in-unit upgrades.
33 Walbridge is a single three story walk-up plus basement building containing 18 units with a mixture of Studio, 1, and 1.5 bedroom units for a total of 12,600 s/f. The property is situated on .13 acre of land in the Allston neighborhood of Boston. The building was originally built in the 1920s and has gone through substantial exterior and interior upgrades and renovations. The properties have been well managed by the owner and are located in desirable neighborhoods of the city which have contributed to the properties success over the years.
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.