Fantini & Gorga has arranged a $35 million permanent mortgage on a 335,000 s/f portfolio. The collateral represents two class A office buildings and one industrial building. The properties were close to 90% occupied at the time of closing, with no tenant representing more than 8% of the overall space. They are located in a prominent, amenity-rich office park setting.
"The offering was well-received in the lending community with institutions from the standard capital sources - life insurance companies, CMBS and banks - putting forth very competitive terms. This transaction further emphasizes not only the recovery of the capital markets but of the office markets, as well" said Mark Whelan, managing director, who worked with Wayne Clough, managing director, to place the loan with a Massachusetts institution.
"The borrowers, repeat clients of Fantini & Gorga, were clear in providing direction and we were very pleased to have met their request once again" Clough said.
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. An affiliate of Eastern Bank, Fantini & Gorga combines deep regional roots, broad experience, market knowledge, and national/international reach in access to capital.