Exhibit 10.1

 

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WACHOVIA

 

February 27, 2008

 

Mr. Carl Valeri

The Hamilton Company

39 Brighton Avenue

Boston, Massachusetts 02134

 

 

Re:

Project Name:

 

Hamilton Portfolio

 

 

Location:

 

See Attached Exhibit A

 

 

Number of Units

 

See Attached Exhibit A

 

 

 

 

 

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.

 

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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.

 

 

Very truly yours,

 

 

 

WACHOVIA MULTIFAMILY CAPITAL, INC.

 

 

 

By:

/s/ Marie Carolo

 

 

Name: Marie Carolo

 

 

Title:   Director

 

 

 

 

 

Accepted and Agreed to this

27 day of February, 2008

 

Olde English Apts., L.P.

 

 

By:

/s/ Ronald Brown

 

 

Name:

 

Title:

 

Commonwealth 1137, LP

 

 

By:

/s/ Ronald Brown

 

 

Name:

 

Title:

 

Commonwealth 1144, LP

 

 

By:

/s/ Ronald Brown

 

 

Name:

 

Title:

 

 

Clovelly Apartments, LP

 

 

By:

/s/ Ronald Brown

 

 

Name:

 

Title:

 

2

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Mr. Carl Valeri

February 27, 2008

Re: Hamilton Portfolio

 

 

River Drive, LP

 

By:

/s/ Ronald Brown

 

 

Name:

 

Title:

 

3

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Mr. Carl Valeri

February 27, 2008

Re: Hamilton Portfolio

 

EXHIBIT A

 

 

 

 

 

Increased Loan

 

 

 

 

 

Original Rate Locked

 

Proceeds at Dual

 

 

 

Property & Address

 

Amount

 

Interest Rate Lock

 

Final Loan Amount

 

Olde English Village, 704-

 

 

 

 

 

 

 

718 Chelmsford Street,

 

 

 

 

 

 

 

Lowell, MA

 

$

2,000,000

 

$

1,080,000

 

$

3,080,000

 

Commonwealth Gardens,

 

 

 

 

 

 

 

1131-1137 Commonwealth

 

 

 

 

 

 

 

Ave, Boston, MA

 

$

2,000,000

 

$

1,750,000

 

$

3,750,000

 

Commonwealth Apts.,

 

 

 

 

 

 

 

1144-1160 Commonwealth

 

 

 

 

 

 

 

Ave, Boston, MA

 

$

12,000,000

 

$

2,780,000

 

$

14,780,000

 

Clovelly Apts., 160-170

 

 

 

 

 

 

 

Concord Street, Nashua,

 

 

 

 

 

 

 

NH

 

$

3,000,000

 

$

1,160,000

 

$

4,160,000

 

River Drive Apts., 3-17

 

 

 

 

 

 

 

River Drive, Danvers, MA

 

$

2,500,000

 

$

965,000

 

$

3,465,000

 

 

4

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