BOSTON– Fantini & Gorga has arranged $12,600,000 in permanent financing for Marian Gardens, a residential apartment community located in Lynn, MA comprised of 94 affordable townhomes supported by HUD project-based subsidies.
Tim O’Donnell, Executive Managing Director at Fantini & Gorga leading the team of Jason Cunnane, Senior Director and Lindsay Feig, Senior Analyst, said “given the long-term ownership of the borrower, the high occupancy with low tenant turnover of the apartments, and the new 20-year HAP contract with HUD, we were able to secure low rate long-term financing with three years of interest only. The lender understood that the asset offers a unique living experience for affordable families in the City of Lynn, which is otherwise generally densely urban. The lender also has significant experience with HUD and was able to offer the borrower the best terms”
Marian Gardens is located at 18 Anderson Lane in the central section of Lynn, about a half mile south of downtown, behind the Lynnway, a well trafficked commercial corridor. The property covers almost 5.4 acres and features well lit, tree-lined walkways and open areas more akin to suburban garden-style communities. Marian Gardens, built in the 1960’s, features 94 spacious townhome units, distributed among 14 buildings in an L-shape configuration, allowing for natural courtyards. The community includes two, three and four bedroom units, which have an estimated 10-year wait list for future tenants.
The loan was placed with an agency lender.