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Doug Nickerson, Nickerson
Financial Corporation of Mashpee, Massachusetts has
arranged loans totaling $30,400,000 on behalf of his
client ,Simrah Gardens LLC, the owner of Simrah
Gardens located in Hudson Massachusetts.
Construction on this 158-unit Apartment complex will
begin shortly. The land was acquired by the owner
two years ago. Once acquired, he undertook the
comprehensive permitting process and received
approval in May 2002. Under the terms of the
comprehensive permit, (40B) 25% of the units will be
set aside for households, earning no more than 80%
of the area medium income.
The unit mix consists of, 28 one bedrooms, 117 two
bedroom, and 13 three bedroom. There will be three;
four story elevated buildings with ample, parking
some of which will be covered. The complex is
situated on 11.8 acres of land.
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Doug Nickerson stated," The ability of the lender to
provide both the traditional form of construction
financing, plus a Fannie Mae takeout loan, was
extremely advantageous for our client. The lender is
highly service oriented and professional and handled
the complexities of both of these transactions with
a great deal of knowledge and efficiency."
The loans arranged by Nickerson Financial for this
transaction were a twenty four-month construction
loan in the amount of $15,000,000, and a Fannie Mae
takeout loan in the amount of $15,400,000. Both the
construction loan and Fannie Mae loan rates were
locked simultaneous at the closing at a rate of
5.46%. Including the construction period, the rate
is locked for a period of twelve years. The term for
the Fannie Mae loan is ten years, and is amortized
over thirty.
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