Fantini & Gorga arranges $59.7 million financing for 139-unit apartment complex
Fantini & Gorga recently arranged a combined $59.7 million of debt and preferred equity placement for 50 West Broadway, a 139-unit, transit-oriented rental apartment development. The development is a joint venture between The John M. Corcoran and Company and The Brennan Group. The $59.7 million in capital raised represented 98% of the $61 million project.
"This financing demonstrates that there is indeed capital available for well-sponsored, feasible projects," said George Fantini, chairman of Fantini & Gorga. "We were able to couple tax-exempt financing with equity from a pension fund partner who understood the value that tax-exempt bond financing can bring to a deal."
John Gorga, who structured the financing with Fantini, said, "The developers' credibility and financial acumen enabled them to reap the benefits of a truly sophisticated structure."
The site, which is the former Cardinal Cushing Central High School, was identified and permitted by the developers. The joint venture also handled the design and construction of the project. John M. Corcoran will be responsible for the leasing and management of the building.
The project, which will be constructed by John Moriarty Associates, will have 139 residential units, street-front retail space, and structured parking for tenants. VMY Vitols Architects and Arrowstreet were the architects on the project.
The project will range in height from two to six stories and have two courtyards that will provide more than 9,000 s/f of open space with 20% of the units to be affordable.
The project is expected to be completed in the fourth quarter of 2009.
Cambridge, MA The nonprofit Preservation of Affordable Housing (POAH) has secured $23.5 million in financing from Rockland Trust and Citizens Bank to transform a 150-year-old, underutilized church complex into housing. The project will ultimately create 46 affordable family-sized apartments.
Preserving wealth across multiple generations requires strategic planning, foresight, and the right investment vehicles. Delaware Statutory Trusts (DSTs) offer a powerful solution for families looking to build and protect their financial legacy and to efficiently plan for their estate.
The Connecticut hospitality market has demonstrated uneven recovery patterns between 2019 and 2025, with boutique and historic properties achieving $125 RevPAR in 2025, up 8.7% from the 2019 level. Coastal resort properties achieved a $105 RevPAR in 2025, representing 10.5% growth since 2019. Casino corridor properties maintained modest growth with RevPAR improving 4.5% to $92 in 2025.