BOSTON– Fantini & Gorga recently closed a $3.05 million permanent loan for a 36-unit garden style multi-family property located in Framingham, MA. Derek Coulombe, Managing Director at Fantini & Gorga, along with Chris Miller, Senior Analyst worked on behalf of the borrower in the transaction.
The units span two buildings. Both are three-story brick buildings containing 18 units each. The properties were built in 1972 and sit on 0.74 acres of land while having 32,325 square feet of gross living area. The units consists of a mix of studio, one-bedroom and two-bedroom units, with ample parking at the rear and side of the buildings. The properties are conveniently located approximately 1.2 miles away from the MBTA commuter rail, with easy access into Boston and 3-4 miles from Route 9 which contains grocery stores, retail strip malls, restaurants and night life.
“We were pleased to be able to assist our client in financing these properties with a long term fixed rate loan with flexible terms,” stated Derek Coulombe. “After thoroughly vetting several options for the borrower, ultimately a local financial institution emerged with the best combination of terms and structure to win the deal” continued Mr. Coulombe.