BLVD Capital Acquires Residential Property In Springfield, MA For $76M
SOLD
$76,000,000
+ 4
Massachusetts
See Similar DealsCo-Op5,306 SF
Sold 07/02/2020
SOLD
BLVD Capital Acquires Residential Property In Springfield, MA For $76M
101 Lowell Street, Springfield, Massachusetts, USA
See Similar DealsCo-Op5,306 SF
Sold 07/02/2020
+ 4
Summary
MASSACHUSETTS
Asset Type:Co-Op
Price Per Square Foot:$14,323
Total Square Footage:5,306 SF
Transaction Type:Sale
The residential property located at 101 Lowell Street in Springfield, MA has been sold for a total price of $76,000,000. The sale took place on July 2, 2020, and involved a total of 612 units. The price per unit was approximately $124,183.
Summary of transaction details:
- Property Type: Residential
- Transaction Amount: $76,000,000
- Address: 101 Lowell Street
- Market: Springfield, MA
- Units: 612
- Price Per Unit (PPU): $124,183
The seller in this transaction was the Silver Street Development Corp, represented by Roger Gendron. The buyer was BLVD Capital, represented by Robert Budman. The sale was facilitated by the following brokers from CBRE: Simon Butler, Biria St. John, John McLaughlin, Jeff Kunitz, and Mike Canori.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,053,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$270,011.96
Cash-on-Cash Return-1.27%
Monthly Debt Service$360,278.77
Annual Debt Service$4,323,345.28
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