Rockland Trust Provides $32 Million Loan For 64-Unit Development In Nantucket
6 Fairgrounds Road
$32,000,000
Units
64
Asset Type
Development Site
Closing
Jan 23, 2026
AI
The asset involved is a development site located at 6 Fairgrounds Road, Nantucket, MA, featuring 64 units for an affordable and workforce housing complex. The loan amount for this project is $32,000,000 to facilitate the construction of Ticcoma Green.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $32,000,000
- Lender: Jeff Tengel - Rockland Trust
- Landlord: Andrew P. Burnes - HallKeen Management
- Landlord: David Oliveri - Norton Point Development
The financing provided by Rockland Trust supports the collaboration between HallKeen Management and Norton Point Development, ensuring the development of affordable housing in the Nantucket area.
Players
Nantucket Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.50%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93