Nickerson Financial arranges $6.8m loan
for 144 unit Eastgate Apartments

    
Doug Nickerson, Nickerson Financial Corporation of Mashpee, Massachusetts has arranged a $6,800,000 loan for the owner of this 144-unit apartment complex strategically located in Manchester New Hampshire, in close proximity to Route 93. The property was built by the owner during the period, 1988-1990 and consists of one, two and three bedroom units in 38 two-story colonial style buildings. The buildings are well placed on attractively landscaped seventeen acres. The property was built as an affordable housing project and as a result 40% of the units are dedicated to lower income tenants.

     The property is managed by JCM Management; a New Hampshire based property Management Company. JCM’s commitment to service is evident. The property is exceptionally well maintained and enjoys a record of consistent high occupancy.

     The loan closed in forty-nine days from application to closing. It has a rate fixed for 15 years, at 5.17%, and is amortized over 30 years.