Fantini & Gorga Arranges $7.5M Loan for Refinancing of Multifamily Asset in Auburn, Maine
AUBURN, MAINE — Boston-based mortgage banking firm Fantini & Gorga has arranged a $7.5 million loan for the refinancing of Auburn Mall Apartments, a 168-unit multifamily asset in Auburn, located north of Portland. The property was built in phases during the 1980s and features one- and two-bedroom units. Derek Coulombe and Ryan Maddaluna of Fantini & Gorga placed the debt on behalf of the undisclosed borrower, a Maine-based developer and investor. An agency lender provided the nonrecourse loan, which carried a sub-3-percent interest rate and a period of interest-only payments.