2004 Transactions
Tremont Arranges $4,080,000
FHA/HUD Loan for Apartments
The
Boston office of Tremont Realty Capital, Inc. arranged an
FHA 223(f) permanent loan through its affiliate, CapitalSource
Finance, for the refinance of Bittersweet Lane Apartments
in Randolph, MA. The property is comprised of 35, one and
two bedroom units including amenities such as on-site management,
grounds maintenance and laundry facilities. Units range
from 680 to 960 square feet.
David Ross, a Managing Director, and Dan Mee,
an Executive Director, arranged the non-recourse, $4,080,000
FHA (HUD) loan through Tremont's affiliate, CapitalSource
Finance, a HUD-approved FHA loan originator. The loan carried
a fixed interest rate and a 30-year fully amortizing loan
term. The property was originally built 15 years ago. The
loan was closed under the FHA 223 (f) program to take advantage
of FHA's low interest rates, high loan-to-value allowances,
and the longer loan terms. Prepayment is only restricted
in the first 5 years.
For additional information on this transaction,
please contact:
David Ross
Managing Director
Email: dross@tremontcapital.com
Phone: 617.867.0700 x773
Daniel Mee
Executive Director
Email: dmee@tremontcapital.com
Phone: 617.867.0700 x777
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