 (1).gif)
News:
Finance
Posted: July 8, 2022
Fantini & Gorga places $38 million for Country Glen Apartments, Groton, CT
Groton, CT Fantini & Gorga has placed $38 million in permanent financing on Country Glen Apartments, a 324-unit multifamily community on a 30-acre campus.
“We were able to secure significant cash-out proceeds for the owners through our correspondent lender’s dexterous use of the Federal Housing Administration’s 223(f) permanent financing program” said Fantini & Gorga executive managing director Tim O’Donnell. This was “coupled with additional financing for upgrades and/or repairs within a low-rate long-term fixed-rate loan. We expect the high degree of stability provided by these favorable terms to serve as a bedrock for continued success for years to come.”
The loan was placed with Fantini & Gorga’s correspondent lender, Eastern Mortgage Capital, which structured the transaction using Section 223(f) mortgage insurance provided by the FHA. As with all EMC loans, this loan type is non-recourse with no carve-outs, and assumable and has a prepayment structure that avoids yield maintenance or defeasance.
Tags:
Finance
MORE FROM Finance
Funding your project: Available, but expensive, in many ways - by Daniel Calano
How many of you remember real estate development in the late 1980s? Project sourcing was difficult, until it wasn’t. Into the 90’s, a few years after, banks and other financial institutions were very happy to fund projects.
 (1).gif)
Columns and Thought Leadership
Massachusetts real estate transfers over $1 million face new tax rules as of November 1st - by Daniel Meyer
Attention to owners of real estate in the Commonwealth (and the title companies and other professionals who advise them), the Massachusetts Department of Revenue (the “DOR”) recently adopted a new “millionaire’s tax” via 830 CMR 62B.2.4
Reverse exchanges and the challenges of a competitive real estate market - by Michele Fitzpatrick
Our current, highly competitive real estate market poses specific challenges for investors who are considering taking advantage of a tax-deferred 1031 exchange. In this market, investors will have no problem selling their current property if priced properly, but they may find it difficult to find a suitable replacement property
Are appraisers on the same page as the assessor? - by Richard Seman
The purpose of this article is to address problematic or confusing issues which may help assessors and appraisers to better understand how to value real estate for tax assessment purposes.
The focus on price per s/f compared to the comparable sales used in the appraisal report - by Dennis Chanski
Over the past several weeks, I have completed appraisal assignments for private clients. Interestingly, after submitting these appraisals, I received several phone calls – not to question the value, content, or any incorrect information, but rather to discuss the price per s/f compared to the comparable sales used in the report.
