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575 Albany LLC Secures $29.88M Loan From Hingham Institution For 575 Albany Street Project
FINANCED
$29,875,000
Massachusetts
See Similar DealsDevelopment Site
Financed 01/03/2025
FINANCED
575 Albany LLC Secures $29.88M Loan From Hingham Institution For 575 Albany Street Project
123 East Dedham Street
See Similar DealsDevelopment Site
Financed 01/03/2025
Summary
MASSACHUSETTS
Asset Type:Development Site
Transaction Type:Loan
The asset involved is a development site located at 123 East Dedham Street in Boston, MA. The project plans to include 44 condominiums, 1,100 square feet designated for commercial purposes, and 6 artist live/work units. The total financing for this project secured amounts to $29,875,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $29,875,000
- Lender: Hingham Institution for Savings
- Landlord: 575 Albany LLC
This financing was secured by 575 Albany LLC specifically for its 575 Albany Street project in the South End. The deal reflects a collaborative effort between the landlord and lender to facilitate the construction and development of the planned residential and commercial spaces.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$29,875,000.00
Monthly NOI$199,166.67
Monthly Debt Service$188,830.32
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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