Fantini & Gorga | Commercial Mortgage Bankers
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$33,260,800
FHA Insured Loan
Apartments

Representative Transactions

Fantini & Gorga has provided $33,260,800 in construction-permanent financing on Evergreen at Southwood, a 292-unit to-be-built multifamily property located in Tallahassee, FL.

The loan was placed with Fantini & Gorga's affiliated MAP Lender, Eastern Mortgage Capital (EMC), which obtained FHA mortgage insurance under the 221(d)(4) program to deliver the 40-year fixed rate non-recourse construction-perm financing. The FHA-insured financing provides a loan that is interest only construction financing, automatically converting to a 40 – year fixed rate permanent loan, eliminating interest rate risk. EMC was also able to underwrite the significant value appreciation of the land and incorporate into the loan sizing. As with all of EMC's loans, this is fully non-recourse with no completion guarantees. The loan is assumable, and has a prepayment structure that avoids Yield Maintenance or Defeasance.

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© 2018 Fantini & Gorga
155 Federal Street · Suite 1600
Boston, MA 02110

Phone: 617.951.2600
Fax: 617.951.9944
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