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Last Updated ( Tuesday, 29 April 2014 18:56 )
DATE_FORMAT_LC2=Friday,April 25 2014 12:00:00 am EDT   
Fantini & Gorga Arranges $12 Million Loan for Providence Project

Renaissance-Station webRenaissance Station in Attleboro, Mass., will include a six-story residential tower with one floor of retail space.Attleboro, Mass. – Fantini & Gorga has arranged a $12 million loan for the development of Renaissance Station, a transit-oriented, mixed-use development in Attleboro, 13 miles north of Providence, R.I. Casimir Groblewski, Fantini & Gorga's senior managing director, arranged both the debt and the equity portions of the capital stack for the project. The borrower is Renaissance Station LLC, an affiliate of Crugnale Properties LLC. The Massachusetts-based lender offered a debt structure that allows for a fixed rate construction and mini-perm loan, and an earn-out of additional proceeds upon stabilization.

Renaissance Station is located in downtown Attleboro, directly across from the Attleboro commuter rail station. The site was formerly home to a machine tool company and was most recently owned by the Attleboro Redevelopment Authority. Concurrently with the development of Renaissance Station, the City of Attleboro and the Commonwealth of Massachusetts are making traffic improvements, and the Massachusetts Bay Transportation Authority will construct a 1,200-vehicle parking garage.

The Renaissance Station development includes the construction of a six-story residential tower with 80 apartments on five floors and a first floor devoted to commercial space. Parking will be primarily underground. Construction will be completed in the spring of 2015.

Scott Reid

 

 

 

 

 

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