Fantini & Gorga has arranged $29.7 million in first mortgage financing on Alexan Pembroke Woods, a Class A, 240-unit multi-family property in Pembroke.
After a strong lease up, the property "reached stabilization" shortly before the new financing was funded. Proceeds were used to replace the construction loan, according to company.
The loan was placed on behalf of BC Pembroke Woods LLC with a national agency lender. BC Pembroke Woods LLC is a joint venture between Boston Capital Real Estate Partners LLC and Trammell Crow Residential.
"We were pleased to be able to bring attractively priced and flexibly structured financing to this asset," remarked Tim O’Donnell, principal of Fantini & Gorga. "Even in the current market, several institutional lenders offered excellent terms, allowing the sponsors to achieve results perfectly suited to their objectives."