TODAY’S DEALS: Fantini & Gorga Arranges $29.7 Loan for 240 Units, and Other Transactions

By Erika Schnitzer, Associate Editor Pembroke, Mass.—Fantini & Gorga has arranged $29.7 million in first mortgage financing of Alexan Pembroke Woods, a 240-unit Class-A apartment community in Pembroke, Mass.The loan was placed on behalf of BC Pembroke Woods LLC, a joint venture between Boston Capital Real Estate LLC and Trammell Crow Residential. George J. Fantini, Jr., chairman; Tim O’Donnell, principal; and Derek Coulombe, analyst; arranged the financing.Alexan Pembroke Woods features a fitness center, swimming pool, community center and business center.PNC ARCS Provides $8.7M for 168 Units in Las VegasLas Vegas—PNC ARCS recently provided an $8.769 million loan for Autumn Ridge Apartments, a 168-unit affordable housing development in Las Vegas.The eight-year loan, which was originated by PNC ARCS’ Calabasas Hills, Calif. office through Fannie Mae, amortizes on a 30-year schedules at a fixed rate of 6.23 percent.The property—which is offered to residents earning no more than 60 percent of the area median income—was developed under the 4 percent LIHTC (Low Income Housing Tax Credit) program and uses tax exempt bond financing.Autumn Ridge Apartments, originally built in 1998, is a garden-style apartment community that features a swimming pool, two tot lots, a fitness room and on-site parking.CPC Closes $1.4M in Construction Loans New York—The Community Preservation Corporation’s (CPC) Brooklyn office has closed on two construction loans totaling $1.4 million for two properties.A $352,000 construction loan will be provided for the gut rehabilitation of a three-story building that will contain two loft apartments and ground-floor commercial space, and $1.09 million will be used for the gut rehabilitation of two three-story apartment buildings, which were purchased by NIOKA Estates LLC at a foreclosure sale.The loans were financed under the organization’s Small Building Loan program, which provides developers of small buildings—20 units or less—with reduced fees, streamlined processing and technical support.