Exhibit 10.1


 





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.


 

















 


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

















 


Mr. Carl Valeri


February 27, 2008


Re: Hamilton Portfolio


 


 


	
  River
  Drive, LP

  
	
   

  
	
  By:

  	
  /s/
  Ronald Brown

  	
   

  
	
   

  	
  Name:
  

  
	
   

  	
  Title:

  



 


3

















 


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

  	
   

  



 


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