Boston firm loans $7.2M to East Bay Village

Boston banking firm Fantini & Gorga extended a $7.2 million loan last week for the East Bay Village Apartments, a 240-unit complex in Middletown.
The borrower, Middletown Associates, is owned and managed by affiliates of Picerne Investment Corp., a Rhode Island-based real estate developer and investor with multifamily holdings throughout the country.
“We were delighted to be able to deliver financing terms that will allow our client to achieve its objectives in a difficult environment,” said John Gorga, president at Fantini & Gorga. “The high quality of the asset coupled with the strength and experience of the borrower resulted in a very favorable loan structure.” The lender was a syndicate of regional banks.
The apartment complex, located roughly two miles from downtown Newport, consists of 10 three-story buildings with studio, one- and two-bedroom units.
Fantini & Gorga is an affiliate of Eastern Bank.