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Chrystal Kornegay Of MassHousing Provides $22M Loan For Development Site In Salem, MA
FINANCED
$22,000,000
Massachusetts
See Similar DealsDevelopment Site
Financed 10/15/2024
FINANCED
Chrystal Kornegay Of MassHousing Provides $22M Loan For Development Site In Salem, MA
160 Federal Street & 13 Hawthorne Boulevard
See Similar DealsDevelopment Site
Financed 10/15/2024
Summary
MASSACHUSETTS
Asset Type:Development Site
Transaction Type:Loan
The property asset involved is a development site located at 160 Federal Street and 13 Hawthorne Boulevard in Salem, MA. The North Shore Community Development Coalition received a loan amount of $22,000,000 to facilitate the conversion of two former school buildings into 61 affordable rental homes.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $22,000,000
- Lender: Chrystal Kornegay - MassHousing
- Landlord: Felicia Pierce - North Shore Community Development Coalition (NSCDC)
Chrystal Kornegay from MassHousing played a pivotal role in finalizing the financing for this project. Felicia Pierce represents the North Shore Community Development Coalition in this transaction, highlighting the collaborative effort involved in transforming the site for community benefit.
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$22,000,000.00
Monthly NOI$146,666.67
Monthly Debt Service$139,054.97
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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