DEVELOPMENT OPPORTUNITY - The Residences of 937 North Street is a proposed commercial hotel project that is approved for the occupancy of the land. However, the flexible zoning allows numerous other options for this development site including, but not limited to, an athletic facility, an office building, or a biotech/research & development center. With a first-floor footprint of 18, 417 S. F. and approximately 92, 000 S. F. of total usable area, this contemporary building will be located at 937 North Street, Tewksbury MA 01887. The Residences of 937 North Street is a state-of-the-art 5 story 132 room hotel. Wood framed and stone veneer, the hotel blends today's modern style architecture while contributing to the tradition, character, and history of Tewksbury. The complex features an inground swimming pool, conference center, and 142 off-street parking spaces, which would be more than adequate to service the guests. Located off Exit 94 of Route 495.
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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 | $1,760,000 | $1,760,000 | $1,760,000 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 6.000% | 6.750% | 6.500% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 7.377% | 6.851% | 6.664% |
Monthly Tax Payment | N/A | N/A | N/A |
H/O Insurance Payment | $125 | $125 | $125 |
Initial Principal & Interest Pmt | $10,552 | $11,415 | $15,331 |
Total Monthly Payment | $10,677 | $11,540 | $15,456 |
* 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.