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Chrystal Kornegay Of MassHousing Finalizes $8M Loan For Development Site In Lancaster
FINANCED
$8,000,000
Massachusetts
See Similar DealsDevelopment Site
Financed 06/27/2024
FINANCED
Chrystal Kornegay Of MassHousing Finalizes $8M Loan For Development Site In Lancaster
Development Site
Financed 06/27/2024
Summary
Asset Type:Development Site
Transaction Type:Loan
The development site located at 2 Cottage Lane in Lancaster, MA is the subject of a recently finalized deal involving an $8 million construction loan from Chrystal Kornegay of MassHousing. The loan is intended for the construction of 32 new mixed-income cottage-style rental homes.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $8,000,000
- Lender: Chrystal Kornegay - MassHousing
- Landlord: MCO & Associates, Inc
- Address: 2 Cottage Lane
- Market: Lancaster, MA
- Loan Type: Construction
MCO & Associates, Inc, the landlord in this deal, will be overseeing the development of the new rental homes in Lancaster, MA. Chrystal Kornegay, representing MassHousing, facilitated the $8 million affordable housing financing deal, ensuring the realization of this housing project that aims to provide mixed-income options to the community.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$8,000,000.00
Monthly NOI$53,333.33
Monthly Debt Service$50,565.44
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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