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June 2002

GFS closes $3,800,000 purchase loan

Gomberg Financial Services of Marblehead, MA is pleased to announce that we have arranged a loan for $3,832,740.  The loan included the purchase of a 72-unit apartment building located at 3, 6 and 10 Henry Terrace near Holy Cross College in Worcester. The purchase price was $2,800,000.

Also included in the loan is approximately $500,000 to be used for capital improvements, and approximately $1,000,000 to retire the existing debt on a 24-unit residential property that was put up as additional collateral by the borrower.  This additional collateral helped the borrower to better leverage the terms of the loan.  He needed less than $500,000 to complete the purchase.

The interest rate on the note is in the mid 7's and includes low prepayment penalties.

Henry Terrace, Worcester, MA