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119 Braintree Street

Updated Oct 31, 2025

Timothy I. Henkel Of Pennrose Secures $47.6 Million Construction Loan For Allston Development Site
FINANCEDDevelopment Site

Timothy I. Henkel Of Pennrose Secures $47.6 Million Construction Loan For Allston Development Site

119 Braintree Street

$47,600,000

Units

88

Asset Type

Development Site

Closing

Oct 30, 2025

About this deal

AI

The asset involved in the transaction is a development site located at 119 Braintree Street in Allston, MA. The site comprises 88 units intended for an income-restricted housing project. The total loan amount secured for this project is $47,600,000, with construction financing sourced from two lenders: $32.9 million from Capital One and $14.7 million from the Massachusetts Housing Investment Corporation.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $47,600,000
  • Address: 119 Braintree Street
  • Market: Allston, MA
  • Lender: Massachusetts Housing Investment Corporation
  • Landlord: Timothy I. Henkel - Pennrose
  • Units: 88
  • Loan Type: Construction

The deal was facilitated by Timothy I. Henkel representing Pennrose as the landlord in the transaction. This financing enables the development of housing aimed at meeting community needs in the area. The contributions from the lenders play a critical role in advancing the project.

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$47,600,000

Development Site

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Players

Massachusetts Housing Investment Corporation
Massachusetts Housing Investment CorporationLender

Allston Development Site Market Snapshot

Boundary boundary · Development Site · Loan transactions

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Deal FAQ

About $540.9K per unit across 88 units on a published $47.6M (2025).

Browse Allston development site loans on Traded.

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.33%

Cash-on-Cash

-0.10%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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