Preservation Of Affordable Housing Secures $23.5 Million Loan For Development Site In Cambridge MA

The asset involved in this transaction is a development site located at 49 Sixth Street in Cambridge, MA. The loan amount secured for this property is $23,500,000, facilitating the conversion of a 150-year-old church complex into 46 affordable family-sized apartments.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $23,500,000
• Lender: Jeffrey Tengel - Rockland Trust & Citizens Bank
• Landlord: Preservation of Affordable Housing (POAH)

Key individuals involved in this deal include Jeffrey Tengel, representing the lenders, and the organization Preservation of Affordable Housing (POAH), which is responsible for the development of the property into affordable housing units.