Northwood Common Apartments - Lowell, MALowell, MA Fantini & Gorga has arranged $4 million in permanent financing for Northwood Common Apartments, a two-building, 60-unit multifamily property. “We were pleased to have secured the most attractive long-term fixed rate financing from an agency lender for our repeat but well-banked client in an incredibly competitive market,” said Derek Coulombe, managing director at Fantini & Gorga, who together with Tim O’Donnell, principal, and Jason Cunnane, senior analyst, arranged the financing. “We were delighted to have delivered an incredibly low fixed rate and the best overall financing package consistent with our client’s long-term objectives for this quality asset.”
Northwood Common Apartments consists of 40,000 s/f garden-style studio, one and two-bedroom market rate apartments spread across two, 3-story buildings. The property is located on Middlesex St. and has access to I-495, Rte. 3 and the Lowell Connector. The buildings were originally built in the early 1960s and have gone through extensive exterior/interior and building system upgrades.
The properties have been well managed by the owner and are located in the highly desirable Highlands neighborhood of the city which has contributed to the property’s 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.