O’Donnell and Hixon of Fantini & Gorga arrange $7.696 million construction loan

Tim O’Donnell, Fantini & Gorga

Despina Hixon, Fantini & Gorga

Pawtucket, RI Fantini & Gorga placed a $7.696 million construction loan for the conversion of a mill structure into 104 residential loft units located at 30 Beecher St. The building is fully sprinklered and is in excellent condition with hardwood floors throughout. This four story, brick building has two working elevators and a full basement.

The Fantini & Gorga team was led by Tim O’Donnell, principal, and Despina Hixon, senior analyst, who together arranged the financing with a major regional banking institution.

Rendering of 30 Beecher Street - Pawtucket, RI

“The sponsor’s experience and proven track record in the market, along with the property’s excellent visibility and finishes, attracted several lenders to this financing opportunity.” said O’Donnell, “We were delighted to deliver excellent terms consistent with our client’s objectives, including an attractive permanent option after construction.”

Upon completion, the property will feature eight studios, 72 one-bedroom units and 24 two-bedroom units. The units will have an open space layout with 15 foot ceilings, oversized windows, exposed bricks, beam and columns, and original hardwood floors. The property will include 200 parking spaces and common laundry in the basement. The property is centrally located near the Pawtucket Center and downtown Providence. It is also located a block away from the proposed Pawtucket train station on the Boston-Providence line.

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 throughout the United States. Fantini & Gorga combines deep regional roots, broad experience, market knowledge, and national/international reach in access to capital.