Dealmaker: Fantini & Gorga Arranges $20M for Millside at Heritage Park

Fantini & Gorga, Boston, arranged transactions totaling $19.9 million for Millside at Heritage Park, a 60-unit apartment property in Canton, Mass.

Senior Managing Director Casimir Groblewski and Director Lindsay Feig represented buyer 104 Revere Street LLC in its dealings with seller Canton Holdings LLC, an Illinois-based development firm and the master developer of Heritage Park.

In addition to the site’s sale, Groblewski and Feig subsequently arranged the construction loan for the project with HarborOne Bank, Brockton, Mass., and Bristol County Savings Bank, Taunton, Mass., and the equity from a private capital firm. 

Millside is part of the Paul Revere Heritage Site redevelopment, where Revere and his son constructed the first copper rolling mill in the U.S. in 1801. Most recently the site served as The Plymouth Rubber Company’s headquarters until Canton Holdings purchased the entire parcel more than a decade ago. Construction recently commenced on Millside and completion is expected in the spring of 2021. The subject will join the Copperworks Condominiums and a public park with two fully restored historic buildings.

Millside at Heritage Park will consist of a four-level age-restricted residential complex with underground and surface parking for vehicles. Development approvals also allow for a 4,000-square-foot commercial building. The residential component will include a mix of one- and two-bedroom units averaging 1,076 square feet. Fifteen units will be reserved for renters earning 80 percent or less of area median income. The transit-oriented development is 0.5 miles from downtown Canton and equally close to two commuter rail stations. Routes I-95 and I-93 are both less than two miles distant.

“Transit-oriented developments are a vital factor for the future growth of Boston and its surrounding communities, and demand is steadily growing for age-restricted rentals,” said Groblewski.