Fantini & Gorga arranges $20.5m first mortgage construction financing for 80,000 s/f to-be-built 95-room assisted living residence

December 14, 2018 - Financial Digest

Chicopee, MA Fantini & Gorga recently arranged $20.5 million in first mortgage construction financing, an 80,000 s/f to-be-built 95-room assisted living residence, located in the Chicopee Falls neighborhood of the city.  

“We were delighted to have secured exceptional financing terms consistent with our client’s objectives, including a 15-year fixed rate term at the outset, 85% LTC, and non-recourse at project stabilization,” said Jason Cunnane, senior director at Fantini & Gorga, who along with Tim O’Donnell, principal, arranged the financing with a regional financial institution.  “The area’s need for a state-of-the-art assisted living community combined with strong local demographics, and a highly experienced development team created a compelling financing opportunity among capital sources with expertise in the senior housing and healthcare industry.” 

Jason Cunnane, Fantini & Gorga

 

Tim O’Donnell, Fantini & Gorga

 

RiverMills will be located off West Main and Oak St. along the Chicopee River in the city’s historic RiverMills District. The project will be an elevatored, three-story building and feature a mix of studios, one-bedrooms, and companion units. Approximately 20% of the units will be designated as memory care with access via secure wing. RiverMills will also set aside 20% of the assisted living units as affordable. 

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.

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