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MassHousing Provides $10.6M Loan For 62 Mixed-Income Apartments Development In Chelsea, MA

Property Image
FINANCED
$10,600,000
Chrystal Kornegay
Benjamin Moll

Massachusetts

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Development Site
Financed 04/01/2025
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Property Image
FINANCED

MassHousing Provides $10.6M Loan For 62 Mixed-Income Apartments Development In Chelsea, MA

375 Broadway

See Similar Deals
Development Site
Financed 04/01/2025
Chrystal Kornegay
Benjamin Moll
the dealplayerscompscontact
Contact now

Summary

MASSACHUSETTS
Asset Type:Development Site
Transaction Type:Loan

The property asset involved in the transaction is a development site located at 375 Broadway in Chelsea, MA. The loan amount finalized is $10,600,000, which is designated to support the construction of 62 mixed-income apartments. This includes a new 43-unit building and the rehabilitation of a 19-unit building, further promoting transit-oriented development close to public transportation.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $10,600,000
  • Lender: Chrystal Kornegay - MassHousing
  • Landlord: Benjamin Moll - Arx Urban & Boston Communities

The key individuals involved in this deal include Chrystal Kornegay representing MassHousing as the lender and Benjamin Moll representing Arx Urban and Boston Communities as the landlord. Together, they are facilitating the development project aimed at enhancing the local housing landscape in Chelsea, MA.

Players

Chrystal Kornegay
MassHousing
Chrystal Kornegay
16 deals$467.6M volume
LENDER
MassHousing
MassHousing
LENDER

Details

FINANCED
IMAGE: Chrystal Kornegay & Benjamin Moll DATE: 04/01/2025 ADDRESS: 375 Broadway MARKET: Chelsea, MA ASSET TYPE: Development Site LENDER: Chrystal Kornegay - MassHousing (@Mass.Housing) LANDLORD: Benjamin Moll - Arx Urban & Boston Communities LOAN AMOUNT: $10,600,000 NOTE: MassHousing finalized $10.6M in financing for Arx Urban and Boston Communities to construct 62 mixed-income apartments in Chelsea, featuring a new 43-unit building and the rehabilitation of a 19-unit building, aiming for transit-oriented development near public transportation.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$10,600,000.00

Monthly NOI$70,666.67
Monthly Debt Service$66,999.21
Change in Cash Flow$0.00
Refinance Proceeds$0.00