Normandy Opportunity Zone Fund LP Acquires Development Sites In Somerville, MA For $48M
SOLD
$48,000,000
+ 1
Florida
See Similar DealsDevelopment Site52,272 SF
Sold 11/02/2020
SOLD
Normandy Opportunity Zone Fund LP Acquires Development Sites In Somerville, MA For $48M
Southwest 64th Street & Southwest 68th Court, South Miami, FL, USA
See Similar DealsDevelopment Site52,272 SF
Sold 11/02/2020
+ 1
Summary
FLORIDA
Asset Type:Development Site
Price Per Square Foot:$918
Total Square Footage:52,272 SF
Transaction Type:Sale
The development sites located at 64 & 68 Webster Avenue, 495, 497, 513, & 517 Columbia Street, 6 Beach Avenue & 481 Columbia Street in Somerville, MA have been sold. The transaction took place on 11/02/2020 and the sale was facilitated by JLL Capital Markets.
Summary of transaction details
- Property Type: Development Sites
- Transaction Amount: $48,000,000
The buyer of the development sites was Normandy Opportunity Zone Fund LP. The brokers involved in the deal were Matthew Sherry, Michael Restivo, Anthony Cutone, and Henry Schaffer from JLL Capital Markets.
The total square footage of the development sites is 52,272, with a price per square foot of $918.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,560,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$170,533.85
Cash-on-Cash Return-1.27%
Monthly Debt Service$227,544.49
Annual Debt Service$2,730,533.86
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