FANTINI & GORGA ARRANGES $50.7 MILLION IN FINANCING FOR APARTMENT PROJECT

BOSTON — Boston-based Fantini & Gorga has arranged $59.7 million in debt and preferred equity placement for 50 West Broadway, a 139-unit, transit-oriented multifamily project located in Boston. The rental apartment community will be located at the site of the former Cardinal Cushing Central High School; it will consist of 139 residential units, street-front retail space and structured parking. Buildings will range in height from two to six stories, and two courtyards will provide more than 9,000 square feet of open space. Twenty percent of the units will be positioned as affordable housing. A joint venture between John M. Corcoran & Co. (JMC) and The Brennan Group is developing the project. JMC will also be responsible for the leasing and management of the building. John Moriarty Associates will serve as general contractor. VMY Vitols Architects and Arrowstreet are serving as project architects. Completion is expected in the fourth quarter of 2009.