WORCESTER 508-471-3018
Metro West 508-709-0024

Multimillion dollar loan closed on 2 Massachusetts complexes

Real estate investment is a process that often involves taking out loans on promising properties. The quality of the property, as well as its age, location and size are taken into account during the loan process. Rental properties that have a high monthly income potential can be good candidates for a real estate transaction, especially if they have appeal to high-income renters.

M&T Realty Capital Corp. of New Bedford reported last week that two loans were closed on nearby apartment complexes, one in New Bedford and one in Charlton. The New Bedford loan totaled $1.835 million, and the Charlton loan totaled $4.11 million. Loans for both properties have a ten-year fixed, 30-year amortization structure with rates a little over 4 percent

The New Bedford property, Old Plainville Commons, was built in 1988 and consists of four 12-unit structures. Each unit has two bedrooms and one bathroom, and the complex is near the Rte. 140 exit. The property is landscaped and has its own parking lot. It is near New Bedford's business district, so the location is good for both commuters and shoppers.

The Charlton complex, which consists of Stafford Heights and Charlton Village, has a total of 72 units; with four of the units containing one bedroom, one bath and the rest are two bedroom units. The Stafford Heights part of the complex was built in 1965, though it has been renovated since that time. The Charlton Village section was built in 1987.

There were a number of parties involved in the real estate financing, which is pretty common in such high-value loans. A separate party sponsored each of the loans while different property management companies will oversee the properties. It can be beneficial in real estate transactions such as these to have an experienced team of real estate law and finance professionals on your side to help locate funding and secure the necessary financial documents for a smooth transaction.

Source: New England Real Estate Journal, "New Bedford, MA - Killion of M&T Realty Corp. closes $5.945 million in financing," Nov. 7, 2012

No Comments

Leave a comment
Comment Information
Email Our Team

Contact Us Today To Learn More

The skilled attorneys at SederLaw stand ready to handle even your most difficult legal issues. Turn to us for skilled representation to help you accomplish your legal goals.

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

An Impressive Track Record
Of Achievement In The Law


Worcester Office
339 Main Street
Suite 300
Burnside Building
Worcester, MA 01608

Phone: 508-709-0024
Phone: 508-471-3018
Fax: 508-831-0955
Map & Directions

Metro West Office
1900 West Park Drive
Suite 280
Westborough, MA 01581

Phone: 508-471-3018
Fax: 508-831-0955
Map & Directions