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Moddie Turay Of Massachusetts Housing Investment Corporation Provides $8.8M Loan For Development Site In Cambridge
FINANCED
$8,800,000
Massachusetts
See Similar DealsDevelopment Site
Financed 05/20/2025
FINANCED
Moddie Turay Of Massachusetts Housing Investment Corporation Provides $8.8M Loan For Development Site In Cambridge
4 Mellen Street
See Similar DealsDevelopment Site
Financed 05/20/2025
Summary
MASSACHUSETTS
Asset Type:Development Site
Transaction Type:Loan
The property asset involved in the context is a development site located at 4 Mellen Street in Cambridge, MA. The site received a loan amount of $8,800,000, which is intended for its redevelopment into a fully affordable rental project comprising 29 units.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $8,800,000
- Lender: Moddie Turay - Massachusetts Housing Investment Corporation
- Date: 05/20/2025
The transaction highlighted the involvement of Moddie Turay, who serves as the lender representing the Massachusetts Housing Investment Corporation in this closed deal aimed at facilitating affordable housing development.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$8,800,000.00
Monthly NOI$58,666.67
Monthly Debt Service$55,621.99
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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