Dealmaker: Fantini & Gorga Arranges $22M for Massachusetts Multifamily

Fantini & Gorga, Boston, arranged $22.2 million for two Massachusetts apartment properties.

The firm secured a $17 million refinancing package for Spanish Trace Apartments in Weymouth, Mass. Senior Managing Director Casimir Groblewski placed the loan with a New England-based banking institution for client Spanish Trace LLC, a family-owned development, investment and management firm.

Located on a 2.8-acre parcel on Washington Street, Spanish Trace Apartments has 87 apartments and a pool. Weymouth is a suburban city with 55,000 people 12 miles southeast of downtown Boston.

“In addition to retiring all the former debt, the borrowers were able to recapture some equity,” Groblewski said. “They now have a long-term, low fixed-rate loan with a significant period of interest-only, resulting in strong net cash flow.”

Fantini & Gorga also placed $5.2 million in permanent financing on 1558 Massachusetts Avenue in Cambridge, Mass., a brick 31-unit apartment property directly across from Harvard Law School.

Fantini & Gorga Principal Tim O’Donnell said the firm’s correspondent lender, Eastern Mortgage Capital, supplied a 35-year fixed-rate FHA-insured loan.

“The loan allowed the borrower to provide long-term stabilization at a near-historically low interest rate,” said Peter Panagako, President of Eastern Mortgage Capital.

Located just north of Harvard Square and the Cambridge Common, 1558 Massachusetts Avenue is a five-story elevatored building with a brick and cast stone exterior around a small, landscaped courtyard. Built in the 1920s, the building has fireplaces in some units as well as dining rooms and pantries.