Whelan of Fantini & Gorga arranges two loans totaling $18.67 million

Manchester, NH

Manchester, NH Fantini & Gorga arranged two loans totaling $18.67 million in permanent financing on two multifamily properties in New Hampshire. A $9.67 million, 10-year fixed-rate loan with a 30-year amortization schedule was used, in part, to acquire a 96-unit complex in Manchester. The loan was structured with additional funds to be advanced as the buyers improved the property’s financial performance. The initial funding carries an interest rate in the mid-4%, with the interest rate of future dollars set at a predetermined spread over the applicable index. Originally built using the low income housing tax credit (LIHTC) program, the property was encumbered with below market rents.

Merrimack, NH

The second transaction involved the $9 million refinance of a 96-unit, age-restricted complex in Merrimack, N.H., which has been owned by the same sponsorship since the early 1990s. The interest rate on this loan is sub-4% fixed for 10-years. The 12 building complex features townhouse-style units and amenities such as an indoor swimming pool, fitness center and community room.

Both loans were placed with the same regional financial institution.

“We were happy to identify a portfolio lender that had both the vision and the capacity for completing these two loans for our longstanding client,” said Mark Whelan, managing director who placed both loans.

Fantini & Gorga (www.fantinigorga.com) 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.