Updated Sep 9, 2024
Brian Rooney Of Finance Boston Secures $5.9M Construction Loan For Development Site In Somerville, MA
394 McGrath Hwy Somerville, MA 02143, USA
$5,944,500
Building Size
—
Asset Type
Development Site
Closing
Jun 13, 2023
About this deal
AI
The development site located at 394 McGrath Highway in Somerville, MA has recently secured a construction loan. The loan amount for this project is $5,944,500. The loan type is specifically for construction purposes, indicating that the funds will be used to develop and build on the site.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $5,944,500
- Address: 394 McGrath Highway, Somerville, MA
- Market: Somerville, MA
- Broker: Brian Rooney - Finance Boston
Brian Rooney from Finance Boston played a crucial role in securing the construction loan for this development site. As the broker representing the transaction, Rooney successfully facilitated the loan process and ensured that the necessary financing was obtained for the project.
On the Map
$5,944,500
Development Site
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Players
Boston Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.67%
Cash-on-Cash
-0.76%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93