SMT Development Secures $11M Construction Loan For Development Site On Warwick Street
FINANCED
$11,030,000
Massachusetts
See Similar DealsDevelopment Site
Financed 06/26/2023
FINANCED
SMT Development Secures $11M Construction Loan For Development Site On Warwick Street
13 Warwick St Somerville, MA 02145, USA
See Similar DealsDevelopment Site
Financed 06/26/2023
Summary
MASSACHUSETTS
Asset Type:Development Site
Transaction Type:Loan
A development site located at 13 Warwick Street in Somerville, MA has been involved in a closed transaction. The property, owned by SMT Development, was the subject of a loan for the purpose of construction. The loan amount for this transaction was $11,030,000.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $11,030,000
- Address: 13 Warwick Street, Somerville, MA
- Market: Somerville, MA
- Landlord: SMT Development
- Brokers: Shane Carthy & Michael Dignan - Finance Boston
The brokers involved in this deal were Shane Carthy and Michael Dignan from Finance Boston. They represented the parties in securing the construction loan for the development site at 13 Warwick Street, Somerville, MA.
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Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$11,030,000.00
Monthly NOI$73,533.33
Monthly Debt Service$69,717.10
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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