Mansfield, MA Fantini & Gorga has arranged a $16.4 million financing package for the development of North Common Estates, a transit oriented, mixed use development. Casimir Groblewski, senior managing director, arranged both the debt and the equity portions of the capital stack for the project. He placed the debt with a major Mass.-based financial institution and the equity with a group of private investors. The borrower is North Common Residences, LLC, an affiliate of Crugnale Properties LLC, of Mansfield. RESKON Group is the project manager and Annino Inc. is the architect for North Common Estates.
Casimir Groblewski, Fantini & GorgaNorth Common Estates will be developed at the confluence of North Main St., Crocker St., and Mansfield Ave. The T’s Commuter Rail Station is directly across the street from the proposed development, thereby ensuring easy access to commuters traveling in the Boston and Providence directions. The site is an assemblage of seven contiguous parcels with a total area of 1.37 acres. There will be 143 parking spaces.
North Common Estates will consist of two buildings, each four stories in height, with a total of 37 one and 44 two-bedroom apartments and 7,689 s/f of commercial space. The apartments range in size from 700 to 1,050 s/f. Construction recently commenced and completion is expected to occur in the fall of 2017.
Groblewski said, “the popularity of Mansfield as a residential community, along with the transit oriented nature of North Common Estates, attracted the attention of a number of potential capital sources, and we were pleased to have the opportunity to finance this important project. Transit oriented developments, especially on formerly underutilized sites like this one, are important for the continued growth of many cities and towns in Mass.”
Ultimately the successful lender offered a debt structure that allows for a fixed rate construction and mini-perm loan. The upfront fixed rate was appealing to the developer as a risk management tool.
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 as well as complex capital structures for all commercial and multifamily property types throughout the United States. Fantini & Gorga combines deep regional roots, broad experience, market knowledge, and national/international reach in access to capital.