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Gilbert Winn Of WinnCos. & BHA Secures $70M Construction Loan For South Boston Development Site
FINANCED
$70,000,000
Massachusetts
See Similar DealsDevelopment Site
Financed 03/13/2025
FINANCED
Gilbert Winn Of WinnCos. & BHA Secures $70M Construction Loan For South Boston Development Site
10 Kemp Street
See Similar DealsDevelopment Site
Financed 03/13/2025
Summary
MASSACHUSETTS
Asset Type:Development Site
Transaction Type:Loan
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.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$70,000,000.00
Monthly NOI$466,666.67
Monthly Debt Service$442,447.62
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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