Dealmaker: Fantini & Gorga Arranges $37M in New England

Fantini & Gorga, Boston, arranged $36.8 million in Massachusetts and Rhode Island.

Fantini & Gorga arranged $23 million for C. Talanian Realty Co. to refinance a 48,000-square-foot mixed-use building on Newbury Street in Boston. The 1929-vintage property, 137 Newbury, is a nine-story building with 6,500 square feet of retail space on the ground level and 41,300 square feet of office space on the remaining floors. Managing Director Wayne Clough and Director Despina Hixon placed the financing with Lincoln Financial Group.

“The desirable location of the asset matched with the sponsor’s excellent reputation attracted several lenders to this financing request,” Clough said.

Hixon and Managing Director Derek Coulombe arranged $10.7 million in acquisition financing for Grant Mill, a historic mill in Providence, R.I.’s Federal Hill neighborhood that was converted in 2009 into 85 market-rate loft-style apartments.

“Being an acquisition we took comfort in finding a loan that fixed the rate at application eliminating interest rate risk while our client was able to focus their attention on due diligence” said Fantini & Gorga Managing Director Derek Coulombe, who arranged the financing with Hixon.

The mill building, formerly known as Carpenter Mills, dates to 1910. The property includes one four-story, elevatored brick mill building with a mix of one-bedroom units, one-bedroom plus dens, two-bedroom units and a three-bedroom unit.

Fantini & Gorga also arranged $3.1 million in acquisition financing for The Shoppes at Six, Seekonk, Mass. Senior Managing Director Casimir Groblewski represented 1275 Fall River Avenue LLC in the transaction.

The Shoppes at Six is a three-building retail complex with 101,500 rentable square feet. National credit tenants Outback Steakhouse, Sherwin Williams and Dollar Tree anchor the center. Immediately upon taking title 1275 Fall River Avenue announced a 24,500 square foot lease to Aero Trampoline Park indoor recreational facilities, which will open in late spring.

“Our client had specific requirements for this financing due to the nature of the acquisition,” Groblewski said. “The property was owned by a lender and there was a tight timeframe within which all due diligence and the closing had to occur. The lender we chose was a New England-based financial institution that offered a creative structure and terms reflecting the upside potential of the subject property.”