Wentzel and Hixon of Fantini & Gorga Arrange $5M For New Bedford Boutique HotelDecember 16, 2017 - By The Real Reporter
NEW BEDFORD–Fantini & Gorga confirmed the recent arrangement of a $5,020,000 loan to acquire and redevelop the property located at 222 Union Street in New Bedford, MA. The Building is being converted from an office and retail use, into a 46,600 SF midscale boutique hotel, with 68 guest rooms.
The Fantini & Gorga team was led by Keith Wentzel, Managing Director, and Despina Hixon, Director, who together arranged the financing with a New England regional bank. “The lender recognized the demand drivers in the area, as well as the strength of the development team ... As result, they were able to get comfortable with the project’s challenging attributes, including equity contribution in the form of EB-5 funds and securing both state and federal tax credits, stated Wentzel.”
The property is located in the heart of Downtown New Bedford just one block from the New Bedford Whaling National Historic Park, City Hall, and the Art Center of the University of Massachusetts. The project sponsor, an asset management company specializing in real estate investment, development, and management, is the first firm to have successfully managed an EB-5 project. 222 Union Street will be a brand of Ascend Hotel Collection - which is one of the fastest growing trademarks of under Choice Hotels International.The hotel will be operated by Waterford Hotel Group, a leading company in the hospitality industry.Keith Wentzel Despina Hizon