Dealmaker: Fantini & Gorga Secures $34M for Offices

Fantini & Gorga, Boston, arranged $34.4 million for office assets in Cambridge, Mass. and Topsham, Maine.

In Cambridge, Fantini & Gorga Managing Director Wayne Clough and Senior Director Despina Hixon arranged a $30 million life company loan to refinance a 61,000-square-foot office building located at 784 Memorial Drive. Owned by a Bulfinch Cos. affiliate, the property was built in 1937, renovated and expanded in 1999 and renovated again in 2014.

Harvard University recently executed a long-term lease for the entire building and plans to house its Technology Services Department in the property. This asset is on the Charles River, equidistant from Harvard and the Massachusetts Institute of Technology.

“The lender understood the desirable location of the asset, strength of the tenant and excellent reputation of the sponsor” Clough said. “As a result, our correspondent lender was able to provide a loan committee-vetted rate-lock application in two business days for a very attractive long-term fixed-rate loan.”

The Bulfinch Cos. has developed, acquired and repositioned nearly $1 billion in commercial real estate since its inception in 1936.

Fantini & Gorga also arranged a $4.4 million acquisition loan for a Topsham, Maine single-tenant medical office property currently occupied by the Central Maine Medical Center. Managing Director Keith Wentzel, Senior Director Chris Miller and Analyst Jon Garcia placed the loan with a local bank.

Wentzel said the Central Maine Medical Center has 11 years remaining on its 20-year lease. “The property garnered interest due to its strong credit tenant on a long-term lease,” he said.