Fantini & Gorga has arranged a $5.5 million permanent loan for the leased-fee interest in a nine-acre parcel of land located near the intersection of I-93 and I-95.
The parcel is improved with a 205-unit class A apartment complex that was developed in 2003. George Fantini, chairman and principal, and Mark Whelan, director, placed the loan with one of Fantini & Gorga's mortgage loan correspondents, RiverSource Investments, formerly known as American Express. Fantini & Gorga will service this loan for the lender.
"We are very pleased that our relationship with RiverSource has led to much happiness for our clients, who have enjoyed this lender's straightforward approach and relatively pain-free closing process," Fantini said. Fantini & Gorga has closed in excess of $48 million worth of business with RiverSource in transactions ranging from $1.5 million to $7.9 million since establishing a correspondent relationship in 2006.