Updated Oct 29, 2024
SMT Development Secures $11M Construction Loan For Development Site On Warwick Street
13 Warwick St Somerville, MA 02145, USA
$11,030,000
Building Size
—
Asset Type
Development Site
Closing
Jun 26, 2023
About this deal
AI
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.
On the Map
$11,030,000
Development Site
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.44%
Cash-on-Cash
-0.41%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93