Updated Dec 4, 2024
Christopher J. Roche Crowdfunds $4.4M Construction Loan For Somerville Development Site
453 Somerville Avenue
$4,400,000
$895/SF
Building Size
4,912 SF
Asset Type
Development Site
Closing
Jun 21, 2024
About this deal
AI
The development site located at 453 Somerville Avenue in Somerville, MA, boasts a building square footage of 4,912 and a buildable square footage of 8,300. The loan for this property was provided by Christopher J. Roche from Crowd Lending, amounting to $4,400,000 for construction purposes.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $4,400,000
- Address: 453 Somerville Avenue
- Market: Somerville, MA
- Asset Type: Development Site
- Building Square Footage: 4,912
- Buildable Square Footage: 8,300
- Lender: Christopher J. Roche - Crowd Lending
- Loan Type: Construction
Christopher J. Roche played a key role in the transaction as the lender providing the construction loan for the development site on 453 Somerville Avenue. His involvement highlights the financial support crucial in facilitating the construction phase of this property.
Players
Somerville Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.61%
Cash-on-Cash
-1.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93