Updated Nov 5, 2025
Stephen Ballas Secures $16.5 Million Construction Loan From FinanceBoston For Development Site In Somerville
366 Broadway
$16,500,000
Building Size
—
Asset Type
Development Site
Closing
Oct 23, 2025
About this deal
AI
The asset involved in this transaction is a development site located at 366 Broadway in Somerville, MA. The site has a building square footage of 49,900 and is financed through a construction loan amounting to $16,500,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $16,500,000
- Lender: FinanceBoston
- Landlord: Stephen Ballas
- Loan Type: Construction
- Date: 10/24/2025
Key individuals involved in the transaction include Anna Napadiy and Shane Carthy, who are presumably associated with the financing and development aspects of this deal. Their roles contribute to facilitating the logistics surrounding the construction loan.
On the Map
$16,500,000
Development Site
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Players
Somerville Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.96%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93