Updated Apr 1, 2025
MassHousing Provides $10.6M Loan For 62 Mixed-Income Apartments Development In Chelsea, MA
375 Broadway
$10,600,000
Units
43
Asset Type
Development Site
Closing
Apr 1, 2025
About this deal
AI
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.
On the Map
$10,600,000
Development Site
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Players
Chelsea Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.50%
Cash-on-Cash
-0.43%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93