Boston, MA Fantini & Gorga has arranged three loans totaling $12.3 million in permanent financing for a mixed use property located at 174 Newbury St. and two multifamily assets located in Kenmore Sq. on 471 and 475 Commonwealth Ave.
“We were pleased to secure funds from a lender that was drawn to these irreplaceable Boston assets. They demonstrated the ability to execute on long term financing at today’s incredibly low fixed rates, that provided the recapitalization of these assets.” said Derek Coulombe, managing director at Fantini & Gorga, who together with Tim O’Donnell, principal and Chris Miller, 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 that offered flexibility in terms.”
The Newbury St. property is four stories with a lower level retail space with direct access to the sidewalk. The property has two retail tenants (lower, first and second floor) plus five apartment units. Ben & Jerry’s occupy the lower level as well as seasonal outdoor seating at the ground level. Vans has a storefront on the first floor and storage located on the second floor. The property is situated on 2,856 s/f of land in the city’s retail district while having five parking spaces accessed from the rear alley.
471 and 475 Commonwealth are located adjacent to each other within Kenmore Sq. with the Green Line in close proximity to the two buildings. 471 Commonwealth is a 4-story plus full basement masonry building with a total of 10 units. 475 Commonwealth is a 7-story property plus full basement. The building has rare frontage on both Commonwealth Ave. and Beacon St. There are 42 apartments and one office suite. There are four parking spaces in the rear of the building.
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 U.S.
Fantini & Gorga combines deep regional roots, broad experience, market knowledge, and national/international reach in access to capital.