MALDEN, MA, – Fantini & Gorga has announced the placement of a $19,950,000 first mortgage for the recently completed and stabilized 84 unit property known as the Residences @ Malden Station. This transit-oriented development is located at 39 Florence Street in Malden Center, just a short walk from the subway station, and is fully leased.
“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 John Gorga, President, and Despina Hatzipetrou, Analyst, arranged the financing. “This financing opportunity attracted attention from a wide range of lenders, and at the end we were able to secure long term, fixed rate financing at very attractive terms.”
Residences @ Malden Station features a first floor podium with a four story stack above. The unit mix includes 18 studios, 39 one-bedroom units and 27 two-bedroom units. The units are finished with granite countertops, stainless steel appliances and a full range of appliances. Each unit includes a washer and dryer. Residents benefit from several community amenities such as a well-appointed 24-hour fitness center, a common roof deck, a clubroom and a Wi-Fi lounge.
The loan was placed with Lincoln Financial Group, one of Fantini & Gorga’s correspondent life insurance companies, and a Fortune 250 American holding company.