Fantini & Gorga arranges $28.28 million financing on Exeter Mill Apartments

Exeter Mill Apartments - Exeter, NH

Exeter, NH Fantini & Gorga has arranged $28.28 million in permanent financing on Exeter Mill Apartments, a 161-unit multifamily property.   

“We were delighted to be able to structure 35-year fixed-rate financing for this asset, locking in today’s incredibly low rate for the next generation,” said Mark Whelan, managing director. “The FHA-insured financing provides a loan that amortizes fully over its 35 year term – so there’s no interest rate risk, and no ‘balloon risk,’ ever. Moreover, the low debt service frees up cash flow for the property’s long-term capital needs as well as for distributions.”

Mark Whelan, Fantini & Gorga

Fantini & Gorga placed the loan with its correspondent MAP Lender, Eastern Mortgage Capital, using FHA mortgage insurance under the 223(f) program, which provides long-term, fixed rate non-recourse financing.

Exeter Mill Apartments is a former mill redeveloped into housing in 1987, at which time several other buildings were constructed.  The units consist of a mix of flats, lofts, duplexes and townhouses.  The property also offers a full amenity package including indoor heated swimming pool, sauna, fitness center, resident lounge, garage parking and a location within walking distance to the town center and an Amtrak rail station.

Fantini & Gorga is one of New England’s leading mortgage banking firms. Headquartered in Boston, Fantini & Gorga specializes in assisting its clients in arranging traditional debt, mezzanine, and equity financing for all commercial property types throughout the United States.