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SOMERVILLE, MA-Fantini & Gorga/iCap Realty Advisors arranged $6 million in construction financing for Park Loft Condominiums, a mixed-use development here on Ivaloo Street. The loan was placed with an affiliate of the Resource Capital Group on behalf of Park Lofts LLC.

The development includes 18 loft-style residential condominiums and 10,000 sf of office space and is located near Harvard Yard and both Inman and Porter Squares. According to Joe Bartolotta, spokesman for Fantini & Gorga/iCap, the office space has not been leased yet and work is just beginning on the condos.

Bartolotta also emphasizes that despite the current economic climate, arranging the financing for this project was not difficult. “There will always be financing for solid projects with solid financing, such as this one,” he tells GlobeSt.com. “This is a good development. The economy would have to get seriously worse for it to be difficult to get financing for quality projects such as this one.”

Fantini & Gorga/iCap Realty Advisors is an affiliate of Boston-based Eastern Bank and was formed this past August through the merger of Fantini & Gorga Incorporated with the local office of iCap Realty Advisors, a national mortgage-banking firm with offices across the country.

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