Updated Jan 3, 2025
575 Albany LLC Secures $29.88M Loan From Hingham Institution For 575 Albany Street Project
123 East Dedham Street
$29,875,000
Building Size
—
Asset Type
Development Site
Closing
Jan 3, 2025
About this deal
AI
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.
On the Map
$29,875,000
Development Site
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Players
Boston Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.53%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93