EAST PROVIDENCE, RI-Mortgage banking firm Fantini & Gorga reports it has arranged nearly $3 million in long-term financing for the ownership of a drug store-anchored shopping center here.
The Boston-based firm says that the long-term financing of $2.955 million was for its client's legacy asset. The property was 90% leased at the time of the closing, Fantini & Gorga officials state. The identity of the borrower was not revealed. The lender is a Massachusetts-based financial institution.
“We were delighted to be able to bring in a lender that provided an attractive rate for a long term,” states Mark Whelan, managing director, who worked to place the loan with John Gorga, chairman and principal of Fantini & Gorga.
The lender gained a quick knowledge of the strong demographics of the area and “was able to underwrite accordingly,” Mr. Gorga adds.
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