Cambridge, MA Fantini & Gorga has arranged $4.3 million in permanent financing on 277 Broadway, a mixed-use development that was completed in 2010. The property is located in a neighborhood near Kendall Sq. and features nine residential units, two commercial units and eleven parking spaces.
“We were delighted to deliver an incredibly low fixed-rate and the best overall terms consistent with our client’s long-term objectives,” said Derek Coulombe, managing director at Fantini & Gorga, who together with Tim O’Donnell, principal, and Despina Hatzipetrou, senior analyst, arranged the financing. “This financing opportunity attracted attention from a wide range of lenders because of the location and the quality of the asset.”
277 Broadway is within walking distance of some of Cambridge’s best known neighborhoods including Kendall Sq., Central Sq. and Inman Sq. The property is accessible by public transportation and is a ten minute walk to the Central Sq. Station which is serviced by the MBTA red line.
The sponsor, taking advantage of the influx of people in the area as a result of the booming lab and office market in Kendall Sq., found an opportunity to generate a premium over a standard 12 month lease by implementing shorter term leases. The property operates as a highly optimized apartment building. The two commercial suites are leased to two reputable firms at market rents.
Fantini & Gorga (www.fantinigorga.com) 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.