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Rockland Trust Provides $32 Million Loan For 64-Unit Development In Nantucket
FINANCED
$32,000,000
Massachusetts
See Similar DealsDevelopment Site
Financed 01/23/2026
FINANCED
Rockland Trust Provides $32 Million Loan For 64-Unit Development In Nantucket
6 Fairgrounds Road
See Similar DealsDevelopment Site
Financed 01/23/2026
Summary
MASSACHUSETTS
Asset Type:Development Site
Transaction Type:Loan
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
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$32,000,000.00
Monthly NOI$213,333.33
Monthly Debt Service$202,261.77
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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