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Chrystal Kornegay Of MassHousing Provides $9.9M Loan For 28-Unit Condo Project In Chelsea
FINANCED
$9,900,000
Massachusetts
See Similar DealsCondo
Financed 01/16/2025
FINANCED
Chrystal Kornegay Of MassHousing Provides $9.9M Loan For 28-Unit Condo Project In Chelsea
440 Broadway
See Similar DealsCondo
Financed 01/16/2025
Summary
MASSACHUSETTS
Asset Type:Condo
Transaction Type:Loan
The property involved in this transaction is a 28-unit condo redevelopment located at 440 Broadway, Chelsea, MA. The property is being financed with a loan amount of $9,900,000 from MassHousing aimed at supporting moderate-income, first-time homebuyers.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $9,900,000
- ADDRESS: 440 Broadway
- MARKET: Chelsea, MA
- UNITS: 28
- LENDER: Chrystal Kornegay - MassHousing
- LANDLORD: Causeway Development LLC
The financing provided by MassHousing is part of the CommonWealth Builder program to facilitate the redevelopment process for the mentioned condo project. Chrystal Kornegay represents MassHousing in this financial transaction supporting the landlord's efforts to enhance housing options for eligible buyers.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$9,900,000.00
Monthly NOI$66,000.00
Monthly Debt Service$62,574.73
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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