Fantini & Gorga arranges financing for Hub project

Boston mortgage banking firm Fantini & Gorga said it recently arranged $59.7 million in financing for 50 West Broadway, a residential complex being developed on the site of the former Cardinal Cushing Central High School in Boston.

(A rendering of the 50 West Broadway, supplied by Fantini & Gorga, shows what the project will look like when completed in late 2009.)

The development of the 139 rental-unit project near an MBTA stop is a joint venture between John M. Corcoran and Co., a Braintree firm focused on residential communities, and the Brennan Group of Boston.

“This financing demonstrates that there is indeed capital available for well-sponsored, feasible projects,” George Fantini, chairman of Fantini & Gorga, said in a statement. “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.”

The $59.7 million raised in capital represented 98 percent of the cost of the $61 million project, said Fantini & Gorga, which added that 20 percent of the apartments at 50 West Broadway will be allocated under affordable housing guidelines.
(By Chris Reidy, Globe staff)