$2.5M commercial construction loan
Gomberg Financial Services is pleased to announce that we recently originated a $2,500,000 commercial construction loan for a ten-house subdivision in Hingham MA. The homes, to be known as Canterbury Village, will have an English Cottage/English Village appearance and be cluster zoned on a 10-acre site. They are being built under a local by-law which involves a substantial affordable housing payment to the town. The loan includes a $600,000 line of credit to be used to build one or two custom built or speculative houses.
The construction loan will be used to retire existing debt and complete all infrastructure improvements, including utilities, roadways, sewerage, sidewalks, walls and landscaping etc. Once complete, the developer will be able to either build custom homes, spec. houses, or just sell the house lots. The subdivision is a project of Arch Development Realty, LLC, Robert W. Meshel, principal.
Artists' rendering of Canterberry Village, Hingham, MA