Updated May 21, 2025
Moddie Turay Of Massachusetts Housing Investment Corporation Provides $8.8M Loan For Development Site In Cambridge
4 Mellen Street
$8,800,000
Units
29
Asset Type
Development Site
Closing
May 20, 2025
About this deal
AI
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.
On the Map
$8,800,000
Development Site
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.80%
Cash-on-Cash
-0.52%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93