DEVELOPABLE FIVE STORY MIXED USE DEVELOPMENT PROJECT. Possible buildout w/ TYPICAL CONSTRUCTION WILL ALLOW UP TO 28 UNITS and approx 31, 970 gross sq ft of building and approx 1, 125 average per unit size OR building as a NET ZERO BUILDING. . . YOU CAN PUT UP TO 37 MAXIMUM UNITS with approx 577 sq ft more or lessIncludes 2 parcels w/ over 11, 000 sq ft of land, being sold as a package. ZONED MR5. Addtnl COMMERCIAL SPACE OF UP TO 5000 SQ FT is allowed. One parking space required per unit. . . there is enough for up to 23 spaces on site. Specital permit for relief regarding parking needed to achieve maximum number of units. SELLER WILL WAIT FOR BUYER TO RECEIVE PROJECT APPROVALS BEFORE CLOSING. Buyer responsible for all fees incl but not limited to architects fees, attorney fees etc necessary to obtain approvals. Affordable requirement for City of Somerville is 20%. GREAT LOCATION rated a WALKER'S PARADISE SCORE OF 95. Insanely convenient. . . UNDER A MILE TO GREEN AND ORANGE LINE SUBWAY STOPS!
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Our Executive Mortgage Banker:
Our Insurance Division:
$4,599,900
William Raveis Real Estate
Phone: 888.699.8876
Contact@raveis.com
Senior Vice President - Coaching & Strategic
William Raveis Mortgage, LLC
Phone: 203.980.8025
Frank.Kolb@raveis.com
NMLS Mortgage Loan Originator ID 81725
5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
|
---|---|---|---|
Loan Amount | $3,679,920 | $3,679,920 | $3,679,920 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 5.500% | 6.375% | 5.875% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 6.821% | 6.474% | 6.036% |
Monthly Tax Payment | $965 | $965 | $965 |
H/O Insurance Payment | $125 | $125 | $125 |
Initial Principal & Interest Pmt | $20,894 | $22,958 | $30,805 |
Total Monthly Payment | $21,984 | $24,048 | $31,895 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.