Fantini & Gorga arranges $18.8m financing for Lexington Commons

Lexington, Ma Fantini & Gorga recently placed $18.8 million in construction financing for Lexington Commons, a 30-unit condominium project with garage parking and street-level retail in the center of town. "For such a well-designed project in an irreplaceable location, we had interest from a number of lenders and were able to put together a very attractive financing package for our borrower," said Tim O'Donnell, principal of Fantini & Gorga, who placed the loan with George Fantini, Jr., chairman of Fantini & Gorga. "Our construction lender understood the special attraction of 'downtown living' in a fine town like Lexington, where most of the unit buyers will have strong community roots." Lexington Commons involves the redevelopment of the Battlegreen Inn, a 95-key motel-style lodging property originally constructed in 1961. The L-shaped property has fronts on Mass. Ave. and Waltham St., the primary intersection point of Lexington Center. After a thorough review and approval process with the Town of Lexington, a proposal emerged for a new three-story building containing 30 condominium units, 5,845 s/f of ground-floor retail, and underground parking. The residential units feature balconies, patios, and direct elevator access to the underground garage. Fantini & Gorga had placed interim and permanent loans on the Battlegreen Inn property in recent years. The condominium and retail project provides a true "highest and best use" for this location, where residents can enjoy shops, restaurants, and MBTA transportation within a small-town setting. The recent financing was placed with a regional banking institution.