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

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.