BOSTON – Fantini & Gorga has announced the placement of a $17,360,000 first mortgage for Emerson Shoe Lofts, a complete renovation of a historic, 19th century mill into a residential community located in Rockland, MA. This fully leased property features 131 market-rate residential units.
“We were delighted to have secured this attractive financing package for our longstanding client,” stated Tim O’Donnell, Principal at Fantini & Gorga, who together with Derek Coulombe, Managing Director, and Despina Hixon, Director, arranged the financing with a national Fannie Mae lender. “This financing opportunity attracted attention from a wide range of lenders because of the excellent sponsorship, the historically strong occupancy and the overall quality of the asset”.
Emerson Shoe Lofts was completed in 2009 and includes a mix of one and two bedroom units. The units are modern and include granite countertops, wood cabinets and stainless steel appliances. The property features a two-story parking structure containing a total of 206 parking spaces.
The location of the property, just 20 miles southeast of Downtown Boston, attracts strong tenant interests from a wide market area. Emerson Shoe Lofts offers tenants several amenities including a well-equipped fitness center, an indoor swimming pool and ample storage space.