Financing arranged for Fall River apartment complex
Fantini & Gorga, a Boston-based mortgage banking firm, said it has arranged a $1.7 million financing of a 39-unit apartment complex with street-level retail space in downtown Fall River.
The transaction involved mortgage insurance provided by the Federal Housing Administration Lean Program, which is designed to allow existing FHA borrowers to lower mortgage payments and to fund modest improvements to ensure the integrity of the asset, Fantini & Gorga said.
Fantini & Gorga is currently an affiliate of Eastern Bank, but it was announced earlier this month that the firm's executive leadership will buy the bank's majority ownership stake in the firm. The transaction is expected to close April 30.