Riverbank Lofts - New Bedford, MANew Bedford, MA Fantini & Gorga has arranged $13.5 million in permanent financing for Riverbank Lofts, a former mill recently converted into a 126-unit apartment complex.
“We were pleased to have secured this extremely attractive loan package consistent with our client’s long term investment strategy of this beautifully renovated former mill building” said Derek Coulombe, managing director at Fantini & Gorga, who together with Jason Cunnane, senior analyst, arranged the financing. “The financing was provided by a regional bank who skillfully demonstrated the ability to understand the complexity of taking out a construction loan of a recently stabilized multifamily property, which included solar renewable energy credits (SRECs) and investor equity partners primarily motivated by the tax benefits associated with the project’s federal and state historic rehabilitation tax credits.”
Riverbank Lofts, which was originally built at the turn of the 20th century, is a 126-unit riverfront apartment complex situated on 6.5 acres along the Acushnet River. The property has three floors of residential space over a ground-level, 160 vehicle garage. The units are predominantly 2 bedrooms but also contain 1 bedroom and 3 bedroom units. The units have high ceilings, exposed wide plank hardwood floors and stainless steel appliances. The common space is highlighted by a three story open atrium with a steel and wood staircase.
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.