Updated Oct 13, 2026
Gilbert Winn Of WinnCos. & BHA Secures $70M Construction Loan For South Boston Development Site
10 Kemp Street
$70,000,000
Units
94
Asset Type
Development Site
Closing
Mar 13, 2025
About this deal
AI
The asset involved in this transaction is a development site located at 10 Kemp Street in South Boston, MA. The site is part of the first phase of the Mary Ellen McCormack redevelopment, which will include a 94-unit affordable housing building set to open in fall 2026.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $70,000,000
- Lender: Bank of America
- Landlord: Gilbert Winn - WinnCos. & BHA
- Loan Type: Construction
The key individuals and companies involved in this transaction include Gilbert Winn, who represents WinnCos. and BHA, the landlords of the project. The construction loan secured from Bank of America is intended for the redevelopment of the site.
On the Map
$70,000,000
Development Site
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Players
South Boston Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.23%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93