A group of multifamily buildings in Boston have secured $16.5 million in first mortgage refinancing, arranged by Fantini & Gorga.

The collateral securing the loan consists of seven individual addresses in the Beacon Hill and Audubon Circle neighborhoods, with a total of 97 residential units, according to a statement.

Highlights of the credit facility include a 30-year term and amortization with an initial fixed rate of five years, as well as a flexible prepayment and partial release structure. The borrower is an unidentified "major" Boston-based multifamily property owner and manager, according to a statement.

Casimir Groblewski, Fantini & Gorga managing director, arranged the financing with a major regional banking institution.

"We were pleased to assist our client with this credit facility," said Groblewski. "We approached a number of lenders and many responded enthusiastically. As in virtually any portfolio transaction there was a need for quick responses and creative structuring, and we appreciated the solutions that this lender offered. Because of the efforts of both our client and the lender the transaction closed in a timely manner."