BOSTON– Fantini & Gorga recently placed $7,779,600 in permanent financing for Rolling Meadows Apartments, a 75-unit townhouse apartment property in Pepperell, MA.
“The transaction allowed our clients to fund desired upgrades and long-term reserves, as well as locking in a historically low interest rate for the next 35- years” commented Tim O’Donnell, Principal of Fantini & Gorga. “The loan ensures the long-term stability of the project for the next generation of owners.”
The financing was placed with Fantini & Gorga’s correspondent, Eastern Mortgage Capital, a nationwide MAP Lender, which used FHA mortgage insurance under the 223(a)7 program to fund the 35-year fixed rate non-recourse financing.
Rolling Meadows Apartments, constructed by the current owner in 1985-1987, consists of 75 specious two-bedroom townhouse units in seven buildings. Common amenities include a basketball court and a tot lot.
