WACHOVIA February 27, 2008
Exhibit 10.1
WACHOVIA
February 27, 2008
Mr. Carl Valeri
The Hamilton Company
39 Brighton Avenue
Boston, Massachusetts 02134
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| Hamilton Portfolio |
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| Location: |
| See Attached Exhibit A |
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| Number of Units |
| See Attached Exhibit A |
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Dear Mr. Valeri:
Reference is hereby made to the commitment letter issued by Wachovia Multifamily Capital, Inc. (“Lender) in your favor and dated January 11, 2008 (the “Commitment”).
The Commitment is hereby amended to add the following:
Borrower has requested an increase in the loan proceeds for the Properties listed in Exhibit A attached hereto (the “Increased Loan Proceeds”), which is in excess of the 5% tolerance permitted under the existing early rate lock, which occurred on January 11, 2008 (the “Original Interest Rate Lock”). Therefore, a subsequent rate lock must occur (the “Dual Interest Rate Lock”). The interest rate determined at the time of the Dual Interest Rate Lock will be combined on a weighted average basis with the Original Interest Rate Lock to determine the final interest rate (the “Final Blended Interest Rate”) for these Properties. Borrower will be required to execute a Dual Rate Setting Form for the Dual Interest Rate Lock.
Except as expressly modified by this letter, the existing terms, conditions, obligations and requirements of the Commitment hereby do and shall remain in full force and effect. All terms not defined herein shall have the meanings ascribed to them in the Commitment, the Prior Rate Setting Form and the Borrower Certification.
Mr. Carl Valeri
February 27, 2008
Re: Hamilton Portfolio
Please sign and return a copy of this letter so that it is received in this office no later than February 27, 2008.
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| Very truly yours, | |
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| WACHOVIA MULTIFAMILY CAPITAL, INC. | |
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| By: | /s/ Marie Carolo |
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| Name: Marie Carolo |
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| Title: Director |
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| Accepted and Agreed to this | ||
| 27 day of February, 2008 | ||
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| Olde English Apts., L.P. | ||
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| By: | /s/ Ronald Brown |
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| Name: | |
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| Title: | |
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| Commonwealth 1137, LP | ||
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| By: | /s/ Ronald Brown |
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| Commonwealth 1144, LP | ||
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| By: | /s/ Ronald Brown |
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| Clovelly Apartments, LP | ||
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| By: | /s/ Ronald Brown |
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| Name: | |
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Mr. Carl Valeri
February 27, 2008
Re: Hamilton Portfolio
| River Drive, LP | ||
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| By: | /s/ Ronald Brown |
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Mr. Carl Valeri
February 27, 2008
Re: Hamilton Portfolio
EXHIBIT A
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| Increased Loan |
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| Original Rate Locked |
| Proceeds at Dual |
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| Property & Address |
| Amount |
| Interest Rate Lock |
| Final Loan Amount |
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| Olde English Village, 704- |
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| 718 Chelmsford Street, |
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| Lowell, MA |
| $ | 2,000,000 |
| $ | 1,080,000 |
| $ | 3,080,000 |
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| Commonwealth Gardens, |
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| 1131-1137 Commonwealth |
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| Ave, Boston, MA |
| $ | 2,000,000 |
| $ | 1,750,000 |
| $ | 3,750,000 |
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| Commonwealth Apts., |
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| 1144-1160 Commonwealth |
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| Ave, Boston, MA |
| $ | 12,000,000 |
| $ | 2,780,000 |
| $ | 14,780,000 |
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| Clovelly Apts., 160-170 |
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| Concord Street, Nashua, |
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| NH |
| $ | 3,000,000 |
| $ | 1,160,000 |
| $ | 4,160,000 |
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| River Drive Apts., 3-17 |
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| River Drive, Danvers, MA |
| $ | 2,500,000 |
| $ | 965,000 |
| $ | 3,465,000 |
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