NEW BEDFORD, MA- Fantini & Gorga announced the arrangement of a $5,020,000 loan to acquire and redevelop the property located at 222 Union Street in New Bedford, MA. The property is being converted from its current use, office and retail, into a 46,600 SF midscale boutique hotel with 68 guest rooms.
The Fantini & Gorga team was led by Keith Wentzel, Managing Director, and Despina Hixon, Director, who together arranged the financing with a New England regional bank.
“The lender recognized the demand drivers in the area, as well as the strength of the development team,” stated Mr. Wentzel. “As result, they were able to get comfortable with the project’s challenging attributes including equity contribution in the form of EB-5 funds and securing both state and federal tax credits”.
The property is centrally located in the heart of Downtown New Bedford just one block from the New Bedford Whaling National Historic Park, city hall and the Art Center of the University of Massachusetts. The Sponsor, an asset management company specializing in real estate investment, development, and management, is the first firm to have successfully managed an EB-5 project. 222 Union Street will be a brand of Ascend Hotel Collection® which is one of the fastest growing trademarks of Choice Hotels International. In addition to a strong brand, the hotel will be operated by Waterford Hotel Group, a leading company in the hospitality industry.
