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Developer Secures $26.4 Million Loan From Northern Bank & Trust For Randolph Mixed-Use Development
FINANCED
$26,400,000
Massachusetts
See Similar DealsDevelopment Site
Financed 10/14/2024
FINANCED
Developer Secures $26.4 Million Loan From Northern Bank & Trust For Randolph Mixed-Use Development
16 Fencourt Avenue
See Similar DealsDevelopment Site
Financed 10/14/2024
Summary
MASSACHUSETTS
Asset Type:Development Site
Transaction Type:Loan
The property asset involved in the transaction is a development site located at 16 Fencourt Avenue in Randolph, MA. The site encompasses 7 acres and has secured financing totaling $26.4 million aimed at supporting a mixed-use development project.
Summary of transation details:
- Property Type: Development Site
- Transaction Amount: $26,400,000
- Market: Randolph, MA
- Lender: Northern Bank & Trust
A Westborough-based developer is the key individual behind the deal, having successfully obtained the financing through Northern Bank & Trust for the intended project at 16 Fencourt Avenue.
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$26,400,000.00
Monthly NOI$176,000.00
Monthly Debt Service$166,865.96
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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