Emerson Shoe Lofts, a recently completed, 131-unit apartment complex in Rockland, has refinanced its existing construction loan with a $15.6 million mortgage loan from Eastern Mortgage Capital, in a deal arranged by Boston-based mortgage banker Fantini & Gorga.

The property is an adaptive reuse of a former textile manufacturing property, for which the borrower was able to secure state and federal historic tax credits, according to a statement. Project amenities include a clubhouse/community room, an indoor swimming pool and a parking deck offering covered parking.

"We were delighted to be able to deliver a 35-year non-recourse fixed rate financing for this asset," said Fantini & Gorga Principal Tim O’Donnell. "Eastern Mortgage Capital’s execution using FHA mortgage insurance provided the best available loan terms in the market, both in loan proceeds and in rate. In addition, the relatively flexible prepay structure allows the borrower to entertain various options once the property is seasoned further."