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Fantini & Gorga Arranges $2M For New Bedford Office Building Acquisition

Jan 27, 2009 | Reprints | Print

Boston-based Fantini & Gorga has arranged $2 million in financing for the acquisition of the 18,100-square-foot Bourne Counting House at One Merrill’s Wharf in New Bedford The Bourne Counting House at One Merrill's Wharf in New Bedford. .

The transaction initially started as an assumption of debt placed with one of Fantini & Gorga’s mortgage loan correspondents in 2004, which evolved into a new loan to accommodate the buyer, who acquired the property as part of a 1031 exchange.

The new loan was originated with the same lender, StanCorp Mortgage Investors. George Fantini, chairman and principal, and Mark Whelan, director, placed the loan, which will be serviced by Fantini & Gorga.

"Given the number of moving pieces and the short timeframe we had to execute the new loan, we are very pleased that our relationship with StanCorp allowed the buyer to complete this deal in a timely manner," said Fantini.

Commercial & Industrial