80 units acquired with a rate of 7.1%
Gomberg Financial Services is pleased to announce that we recently originated a purchase transaction on behalf of Perkins Properties to facilitate their acquisition of 3 buildings with 80 units in Lynn, MA. One of the properties was the landmark "Harvard-Yale" building (pictured below).
The loans were placed through Arbor Commercial Mortgage, a Fannie Mae DUS lender using the 5/50 streamlined program. The total loan amount was $2,497,500. The interest rate was 7.09% and fixed for the first 10 years on a 25-year schedule with non-recourse terms.
Principal Andrew Perkins was pleased with the low rate and the long fixed term of the Fannie Mae loan. The properties will be managed by Perkins Properties, which is based in Lynn, MA.
Under the Fannie Mae 5/50 program you can finance up to 83% of the purchase price including closing costs. These loans are generally non-recourse and after 12 months the borrower can apply for a supplemental 2nd mortgage for up to 80% of the appraised value. Similar terms apply for the supplemental 2nd mortgage and both mortgages are assumable.
124 Green St., Lynn, MA