Fantini and Gorga Issues $25.5M for Cambridge Luxury Apartments
May 24, 2017 - By The Real Reporter
BOSTON–Fantini and Gorga recently announced the placement of a $25,500,000 first mortgage for a newly finished 61 residential unit property. Situated at 603 Concord Ave., the building is complete with ground floor retail and underground parking in the Fresh Pond/Alewife neighborhood of Cambridge. The retail units are completely leased to various tenants including an orthodontist, eye clinic, and urgent care. The apartments range from 400 to 1300 square feet.
The Fantini and Gorga team realized the strength of the building and its surroundings when providing the loan. “We were delighted to deliver attractive permanent financing to retire the construction loan and return developer equity on this recently stabilized property,” stated Derek Coulombe, Managing Director at Fantini & Gorga, who together with Tim O’Donnell, Principal, and Despina Hixon, Director, arranged the financing. “The combination of an experienced real estate developer, excellent location with a strong rental market and a knowledgeable lender made this an exciting transaction.”
The region itself draws a large crowd with the nearby Fresh Pond Mall, containing major retailers, such as Whole Foods, TJ Maxx and Staples.
Derek Coulombe
Despina Hixon
Tim O’Donnell
