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MassDevelopment Provides $17.82M Construction Loan For 68-Unit Senior Rental Property In Waltham, MA
FINANCED
$17,820,000
Massachusetts
See Similar DealsDevelopment Site
Financed 11/30/2023
FINANCED
MassDevelopment Provides $17.82M Construction Loan For 68-Unit Senior Rental Property In Waltham, MA
Development Site
Financed 11/30/2023
Summary
Asset Type:Development Site
Transaction Type:Loan
A $17.82 million tax-exempt bond has been issued by MassDevelopment for 2Life Leland LLC, enabling the construction of Leland House. This three-story, 68-unit affordable senior rental property will be located in downtown Waltham, Massachusetts.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $17,820,000
- Address: 21 Newton Street, Waltham, MA
- Units: 68
- Lender: Dan Rivera - MassDevelopment
- Landlord: 2Life Leland LLC
- Loan Type: Construction
This transaction involves Dan Rivera from MassDevelopment, who is the lender for the project. 2Life Leland LLC, acting as the landlord, will oversee the development of Leland House. This construction project will cater to the needs of senior residents in downtown Waltham, providing them with affordable rental options.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$17,820,000.00
Monthly NOI$118,800.00
Monthly Debt Service$112,634.52
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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