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Finance
Posted: January 8, 2016
Fantini & Gorga arranges $19.95 million for Residences @ Malden Station
Residences @ Malden Station, 39 Florence Street - Malden, MAMalden, MA Fantini & Gorga has completed the placement of a $19.95 million first mortgage for the recently completed and stabilized 84 unit property known as the Residences @ Malden Station. This transit-oriented development is located at 39 Florence St., a short walk from the subway station, and is fully leased.
“We were delighted to deliver attractive permanent financing to retire the construction loan and return developer equity on this recently stabilized property,” said Derek Coulombe, managing director at Fantini & Gorga, who together with John Gorga, president, and Despina Hatzipetrou, analyst, arranged the financing. “This financing opportunity attracted attention from a wide range of lenders, and at the end we were able to secure long term, fixed rate financing at very attractive terms.”
Derek Coulombe, Fantini & Gorga
John Gorga, Fantini & Gorga
Despina Hixon, Fantini & Gorga
Residences @ Malden Station features a first floor podium with a four story stack above. The unit mix includes 18 studios, 39 one-bedroom units and 27 two-bedroom units. The units include granite countertops, stainless steel appliances and a full range of appliances.
Each unit includes a washer and dryer. Residents benefit from several community amenities such as a well-appointed 24-hour fitness center, a common roof deck, a clubroom and a Wi-Fi lounge.
The loan was placed with Lincoln Financial Group, one of Fantini & Gorga’s correspondent life insurance companies, and a Fortune 250 American holding company.
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.
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