A Boston-based mortgage banking firm has arranged a $10 Million financing of College House, a 46,000-square-foot property constructed in the 19th century. The mixed-use building is conveniently located just outside the Red Line’s Harvard Square entrance at 430 Massachusetts Avenue in Cambridge. On the ground floor, the building is currently occupied by CVS, Sovereign Bank, and the Body Shop. The upper floors consist of housing units.
Tim O’Donnel, principal at the firm financing the project, Fantini & Gorga, says they are “delighted to be able to deliver today’s incredibly low long-term rates on a property our borrower rightly considers a ‘legacy asset'” (Bankerandtradesman.com).
University Commons Real Estate Company, the previous owner of the property, purchased College House in the 1970s and since then has dramatically renovated and upgraded the property (bostonsf.com).