BOSTON – Boston-based Fantini & Gorga recently arranged $24 million in financing for two residential properties in Weymouth, MA, including a $9,000,000 permanent first mortgage loan in conjunction with a $15,000,000 construction loan.
The permanent loan is secured by a 72 unit residential community known as Eastbay at Weymouthport. The construction loan will be used for the development of a 50 unit, six-story residential condominium building known as Seascape at Weymouth. The sponsor is a Boston-based family real estate firm.
The Fantini & Gorga team was led by Casimir Groblewski, Senior Managing Director, and Despina Hixon, Senior Director, who together placed the loans with a full-service community bank.
“The lender, which is an active player in the multifamily development arena, showed a lot of enthusiasm for the project,” stated Mr. Groblewski. “It immediately understood the unique demand drivers of the market and were confident that the irreplaceable location, along with the excellent reputation of the sponsor, will lead to a very successful project. The structures and terms that the lender offered set it apart from other interested parties.”
Eastbay and Seascape are well-located on Weymouth Neck, a peninsula jutting out into Boston Harbor between the Fore and Back Rivers, and across from the Hingham Shipyard. Weymouth is a strong residential suburb located just south of Boston, with close proximity to the crossroads of Route I-93 (128) and Route 3.
Slated to be completed in summer 2019, Seascape at Weymouth will complete the residential development of Weymouth Neck. The project will not only enhance other neighboring condominium communities, but also provide additional benefits to the Town of Weymouth through aesthetic architecture, exceptional landscape design, minimal site impact and positive economic growth.
