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Stephen M. Chapman Of SMC Management Secures $57.5M Construction Loan From Berkshire Bank For Worcester Development
FINANCED
$57,500,000
Massachusetts
See Similar DealsDevelopment Site
Financed 01/15/2025
FINANCED
Stephen M. Chapman Of SMC Management Secures $57.5M Construction Loan From Berkshire Bank For Worcester Development
40 Milton Street
See Similar DealsDevelopment Site
Financed 01/15/2025
Summary
MASSACHUSETTS
Asset Type:Development Site
Transaction Type:Loan
This transaction involves a development site located at 40 Milton Street in Worcester, MA. SMC Management is securing a construction loan amounting to $57.5 million for the Hemans Street Apartments project, which is currently under construction and will feature 210 units along with amenities such as a fitness center, yoga room, roof deck, and courtyard.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $57,500,000
- Lender: Berkshire Bank
- Landlord: Stephen M. Chapman - SMC Management
- Loan Type: Construction
Stephen M. Chapman is representing SMC Management in this construction loan transaction with Berkshire Bank, facilitating the financing for the upcoming residential development aimed at enhancing the housing landscape in Worcester.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$57,500,000.00
Monthly NOI$383,333.33
Monthly Debt Service$363,439.11
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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