Updated Mar 3, 2025
Jeffrey J. Tengel Of Rockland Trust Provides $7.3M Loan For 478 Rantoul Street Redevelopment
478 Rantoul Street
$7,308,243
Units
3
Asset Type
Development Site
Closing
Mar 3, 2025
About this deal
AI
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.
On the Map
$7,308,243
Development Site
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Players
Beverly Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.17%
Cash-on-Cash
-0.62%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93