Boston- Fantini & Gorga announced that it has recently arranged a $20,500,000 financing package for the development of 300 North Main, a transit oriented, mixed use development in Mansfield, MA.
Casimir Groblewski, Senior Managing Director, and Lindsay Feig, Director, arranged both the debt and the equity portions of the capital stack for the project. They placed the $19,000,000 debt with two major Massachusetts-based financial institutions and an additional $1,500,000 of equity with a group of private investors.
The developer is 300 North Main LLC, LLC, a joint venture between Arista Development, LLC, based in Norwood, and Crugnale Properties LLC, of Mansfield. RESKON Group is the project manager and Annino Inc. is the architect for the project. The same development team also developed One Mansfield, a similar TOD project of 80 units and 7,000 square feet of commercial space, in 2018. Crugnale Properties also developed Rumford Lofts, across the street from the subject.
300 North Main is being developed at the confluence of North Main Street, Crocker Street, and Mansfield Avenue in downtown Mansfield. The T’s Commuter Rail Station is directly across the street from the proposed development, thereby ensuring easy access to commuters traveling toward both Boston and Providence. The subject site is an assemblage of four contiguous parcels with a total area of 1.64 acres. There will be 167 parking spaces.
300 North Main will consist of two attractively designed, interconnected building modules four stories in height, with a total of 100 rental apartments and 11,674 square feet of multitenant retail space. There will be (64) one-bedroom and (36) two-bedroom apartments averaging 767 and 958 square feet respectively. 15 of the rentals will be affordable. Site work commenced several months ago and completion is expected to occur in mid-2020.
According to Mr. Groblewski, “the popularity of Mansfield as a residential community, along with the transit-oriented nature of 300 North Main, attracted the attention of a number of potential capital sources, and we were pleased to have the opportunity to finance this important project. Transit oriented developments, especially on formerly underutilized sites like this one, are important for the continued smart growth of many cities and towns in Massachusetts.” Ultimately the successful lender offered a debt structure that allows for a fixed rate construction and mini-perm loan. The upfront fixed rate was appealing to the developer and the outside equity as a risk management tool.