Chrystal Kornegay Of MassHousing & TD Bank Secures $40.6M Loan For 24 Webster Avenue Development

24 Webster Avenue is a development site located in Somerville, MA. The property has recently acquired a loan amounting to $40,600,000 for its redevelopment. The asset is situated in a vacant commercial site, earmarked for the creation of rental housing.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $40,600,000
• Lender: Chrystal Kornegay - MassHousing & TD Bank
• Landlord: Just A Start
• Conduit Loan Funding: $17.8M
• Construction Financing: $22.8M
• Location: 24 Webster Avenue, Somerville, MA

The transaction involved key players including Chrystal Kornegay representing MassHousing and TD Bank, which facilitated the financing. Just A Start acted as the landlord in the redevelopment project, aiming to provide 43 deeply affordable rental homes as part of the initiative.