Fantini & Gorga places $3 million financing for Bicknell Associates
Fantini & Gorga recently placed $3 million in permanent financing for a multifamily property, on behalf of Bicknell Associates. The lender was a national life insurance company for which Fantini & Gorga acts as correspondent in N.E. The new loan paid off a local bank and resulted in a long term, fixed rate accommodation.
The subject property, known as Sutton Place, consists of 5 garden style apartment buildings on Middlesex St. in the city's Highlands neighborhood, and overlooking the Merrimack River. This complex was constructed in two phases, 1965 and 1978. The complex is landscaped and construction details include brick veneer exteriors with pitched roofs, balconies and patios. Each building, with 3-stories, contains 12 apartments in a combination of one and two bedroom units.
Fantini & Gorga's managing director Casimir Groblewski said, "In the face of a debt capital market that is as frozen as a N.E. winter, we were pleased to be able to structure a loan that provided for a 90-day rate lock and no direct recourse to the principals of the borrowing entity. Our lender recognized the principals' ability to operate and manage their apartments in the face of economic uncertainty. "
Swansea, MA EagleBridge Capital has arranged construction mortgage financing in the amount of $5.9 million for Phase One of Cedarbrook Homes. The mortgage was arranged by EagleBridge senior director Brian Walsh and principal Ted Sidel who stated that the loan was provided by a leading national lender.
Over the past several weeks, I have completed appraisal assignments for private clients. Interestingly, after submitting these appraisals, I received several phone calls – not to question the value, content, or any incorrect information, but rather to discuss the price per s/f compared to the comparable sales used in the report.
The purpose of this article is to address problematic or confusing issues which may help assessors and appraisers to better understand how to value real estate for tax assessment purposes.
Our current, highly competitive real estate market poses specific challenges for investors who are considering taking advantage of a tax-deferred 1031 exchange. In this market, investors will have no problem selling their current property if priced properly, but they may find it difficult to find a suitable replacement property
Attention to owners of real estate in the Commonwealth (and the title companies and other professionals who advise them), the Massachusetts Department of Revenue (the “DOR”) recently adopted a new “millionaire’s tax” via 830 CMR 62B.2.4