BOSTON - Eastern Bank has acquired Fantini & Gorga Inc., a Boston commercial mortgage and real estate investment banking firm, for an undisclosed sum.
The Eastern Bank Corp. unit, which has $3.6 billion of assets, merged Fantini & Gorga into its own commercial mortgage operation, iCap Realty Advisors LLC, and renamed the merged operation Fantini & Gorga/iCap Realty Advisors.
Eastern was one of 12 partners that formed iCap, a network of commercial brokers with 20 offices nationwide, in February. Eastern owns the Boston office, which closed $60 million of debt and equity placements for commercial customers in the first half. (Nationwide, the 20 iCap offices closed more than $1 billion.)
Fantini & Gorga's top executives, chairman George J. Fantini Jr. and president John Gorga, assumed the same titles at Fantini & Gorga/iCap Realty Advisors.The deal was announced last week. Eastern Bank has 46 branches in eastern Massachusetts.