GFS originates financing of 90 apts.
Gomberg Financial Services is pleased to announce that we recently originated a purchase transaction on behalf of TD Realty Trust and Parkview Lynn, LLC to facilitate their acquisition of 5 buildings with 90 units in Lynn, MA. We grouped the 5 properties into 3 separate loans.
The loans were placed through Arbor National Mortgage, a Fannie Mae DUS lender using the 5/50 streamlined program. The total loan aggregate was over 2.1M. The interest rate was 7.44% and fixed for the first 10 years on a 30-year schedule with non-recourse terms.
Principal Gordon R. Hall was pleased with the low rate and the long fixed term of the Fannie Mae loan. The properties will be managed by the Hall Co., Inc., which is based in Lynn, MA.
Under the Fannie Mae 5/50 program you can finance up to 80% of the purchase price, plus up to 3% of closing costs and any property improvements held back by the DUS lender at closing. These loans are generally non-recourse and after 12 months the borrower can apply for a 2nd mortgage for up to 80% of the appraised value. Similar terms apply for the 2nd mortgage and both mortgages are assumable.
Border St., Lynn, MA