Fantini & Gorga/iCap Realty Advisors arranged the loan. The firm's managing director and principal Tim O'Donnell says, "We were thrilled to arrange financing for a project that will continue the rejuvenation of Salem's downtown. This loan represents a belief in the outstanding fundamentals of the Salem market." The loan was placed with a regional bank.
Derby Lofts is located in the Heritage Plaza East district here and many of the upper floor units will offer views of Salem Harbor. The city is a historic seaside community noted as one of the earliest landing sites of the English Colonists, and as the first major port in the country.
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