nen_Current_Folio_8K

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549


FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported) March 27, 2018  (March 22, 2018)

NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP

(Exact Name of Registrant as Specified in Charter)

 

 

 

 

Massachusetts

0-12138

04-2619298

(State or Other Jurisdiction

(Commission

(IRS Employer

of Incorporation)

File Number)

Identification Number)

 

 

 

39 Brighton Avenue, Allston, Massachusetts

02134

(Address of Principal Executive Offices)

(Zip Code)

 

Registrant’s telephone number, including area code (617) 783-0039

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 


 

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

 

On March 22, 2018, Hamilton Park Towers, LLC (“Hamilton Park”), a joint venture 40% owned by New England Realty Associates Limited Partnership (the “Partnership”) entered into a Rate Lock Confirmation (the “Confirmation”) with John Hancock Life Insurance Company (U.S.A.) and paid the requisite deposit of $1,290,000.  The confirmation calls for a loan of $125,000,000 at a fixed interest rate of 3.99% per annum.  Hamilton Park intends to use the proceeds of the loan, when closed, to pay off an outstanding loan of approximately $82,000,000 currently secured by, among other collateral, the property owned by Hamilton Park.  The description of the terms of the Confirmation is qualified by reference to the text of the Confirmation, which is filed as Exhibit 10.1 with this Current Report on Form 8-K.

 

Item 9.01             Financial Statements and Exhibits.

 

 (c)       Exhibits.

 

 

 

10.1

Rate Lock Confirmation dated March 22, 2018 by and between Hamilton Park Towers, LLC and John Hancock Life Insurance Company (U.S.A.).

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

NEW ENGLAND REALTY ASSOCIATES

 

LIMITED PARTNERSHIP

 

 

 

By:

NewReal, Inc., its General Partner

 

 

 

 

 

By

/s/ Ronald Brown

 

 

 

Ronald Brown, its President

Date March 27, 2018

 

 

 

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