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Jeffrey J. Tengel Of Rockland Trust Provides $7.3M Loan For 478 Rantoul Street Redevelopment
FINANCED
$7,308,243
Massachusetts
See Similar DealsDevelopment Site
Financed 03/03/2025
FINANCED
Jeffrey J. Tengel Of Rockland Trust Provides $7.3M Loan For 478 Rantoul Street Redevelopment
478 Rantoul Street
See Similar DealsDevelopment Site
Financed 03/03/2025
Summary
MASSACHUSETTS
Asset Type:Development Site
Transaction Type:Loan
The asset involved in this transaction is a development site located at 478 Rantoul Street in Beverly, MA, which encompasses 3 residential units. The transaction recorded a loan amount of $7,308,243 from the lender Rockland Trust, which will be utilized for the redevelopment of the site into mixed-use and residential units.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $7,308,243
- Address: 478 Rantoul Street
- Market: Beverly, MA
- Lender: Jeffrey J. Tengel - Rockland Trust
The key individual involved in this transaction is Jeffrey J. Tengel, representing Rockland Trust as the lender facilitating the loan for the redevelopment project at the specified location.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$7,308,243.00
Monthly NOI$48,721.62
Monthly Debt Service$46,193.07
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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