$1,800,000 | Bridge | Condominium

Fantini & Gorga placed $1,800,000 bridge financing for a brand-new, luxury, single floor living condo complex featuring six units – many with ocean views, in Gloucester, MA. Fantini & Gorga structured and placed the financing on behalf of the sponsor through a local bank that is ideally positioned to understand the location, market and quality of the sponsors. The short-term financing features interest only payments, partial releases with loan pay down, and a low market rate. Four of the condominiums had already sold by the closing of the deal.