FANTINI & GORGA PLACES $7.3M LOAN ON PORTSMOUTH APARTMENTS

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PORTSMOUTH, N.H. — Boston-based Fantini & Gorga has arranged $7.3 million in financing for Millport Apartments, a 63-unit, loft-style multifamily property in Portsmouth. The FHA-insured financing includes a 35-year, self-amortizing term. Eastern Mortgage Capital provided the loan using FHA mortgage insurance under the 223(f) program, which provides long-term, fixed-rate nonrecourse financing. Millport Apartments, located at 1001 Islington St., is a former mill redeveloped into housing by the current owner in 1996. The property has a mix of studio, one-, two-, three- and four-bedroom units, as well as 3,830 square feet of commercial space.

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