Doug Nickerson, Nickerson Financial Corporation, Mashpee Massachusetts is pleased to announce the placement of a loan in the amount of $10,200,000 on the Devonshire Place Apartments

     Holyoke Massachusetts, Doug Nickerson, Nickerson Financial Corporation, Mashpee Massachusetts is pleased to announce the placement of a loan in the amount of $10,200,000 on the Devonshire Place Apartments on behalf of the owner First Merchants Group. The property, managed by the client, is a 180-unit mid rise apartment complex located on 8.16 acres of land. The complex was constructed between 1988 and 1994 and, features two five story buildings. Of the 180 units, there are 20 one bedroom/one bath units, 142 two bedroom/two bath units and 18 two bedroom/one bath units.  
 

     The buildings are well managed and maintained and in excellent condition. The property location is just minutes from Route 91 and the Massachusetts Turnpike, and is most advantageous to the residents, with retail and professional centers conveniently located near the site. Devonshire Place is considered to one of the finest multi-family properties in Western Massachusetts. 
      The $10,200,000 loan has a 5.34% rate, and a 10 year term. The rate is fixed for 9 years and for the final year is floating, thus enabling the borrower to prepay without penalty. The loan is amortized over 30 years and is non recourse.