Boston-based Eastern Mortgage Capital, a division of Eastern Bank, has financed $12.9 million in permanent financing for Aberjona Nursing Center, a 123-bed nursing facility in Winchester, and Grosvenor Park Nursing Center, a 123-bed facility in Salem.
The Aberjona transaction used mortgage insurance provided by the Federal Housing Administration to deliver a lower rate on existing financing already insured by FHA. The loan was arranged by Boston-based Fantini & Gorga, which serves Eastern Mortgage Capital as a loan correspondent in New England.
Eastern Mortgage Capital processed town loans for the Grosvenor Park loan concurrently. The company refinanced both the existing first mortgage and the operating loss loan.