$19,975,000 | Development Loan | Age-Restricted Apartments

Fantini & Gorga arranged the sale and subsequent construction loan for the development of a transit oriented, 60-unit, age-restricted rental project in Canton, MA. The transactions totaled $19,975,000 and were placed with two regional banking institutions.

The property is part of the historically important Paul Revere Heritage Site redevelopment, where Revere and his son in 1801 constructed the first copper rolling mill in the US. The  will consist of a four level, 60-unit, luxury residential complex with underground and surface parking for vehicles. The residential component will include a mix of luxury-level one- and two-bedroom units averaging 1,076 square feet each, as well as access to extensive amenities and a clubhouse. 15 of the units are set aside for income levels of 80% of the area AMI. The transit-oriented development is 0.5 miles from downtown Canton and equally close to two commuter rail stations. Routes I-95 and I-93 are both less than 2 miles distant.