The New England Real Estate Journal (NEREJ), a commercial real estate industry leader, announced this summer permanent financing for the 31-unit apartment house located at 1558 Massachusetts Avenue in Cambridge, Massachusetts.
Commercial Mortgage Bankers, Fantini & Gorga, located in the Greater Boston region arranged $5.264 million in permanent financing for the quintessential brick building in one of Boston’s most sought-after locations.
Classic Harvard Square Location
Positioned near Harvard University’s campus and directly across from Harvard Law School, the property possesses the classic red brick building feel of historic Harvard Square along with the ease and convenience to local shops and restaurants that stretch from Harvard Square to Porter Square. Just a short walk allows access to unique dining or entertainment opportunities as well as ease of commute to major corporations located in Boston and the surrounding communities.
Originally constructed in the heyday of the 1920’s, the building has some remarkably desirable features such as fireplaces, traditional dining rooms, and original pantries in some of the units. Each feature can become a coveted focal point aesthetically and a talking point for the notable charm of the building.
On the exterior, the five-story building is not only surrounded by grand historic homes in the New England style, but also includes a landscaped courtyard that adds to the beauty of the brick and decorative cast stone exterior.
Financing & Property Management
Buildings with this type of historical significance and location do not come along every day. The financing for this classic property came from an FHA-insured loan placed through Fantini & Gorga correspondent lender, Eastern Mortgage Capital.
Tim O’Donnell, Principal at Fantini & Gorga, noted that, “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. As always, our correspondent, Eastern Mortgage Capital, underwrote and closed this loan using their unparalleled expertise in the FHA financing field.”
Thayer & Associates, Inc. was proud to play a role in this acquisition of this gorgeous property. Tracey Ficociello, the Property Manager at that time, was the direct interface along with the Property Accountant, David Cores. Together they assisted in completing any requests for information, data gathering, property inspections, and any other tasks the lender required to approve and complete the refinance.
We look forward to many years of delighting in the property at 1558 Massachusetts Ave in Cambridge, Massachusetts. Congratulations to the team at Fantini & Gorga, Eastern Mortgage Capital, and our own team members who were integral in securing financing for this property.