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49 Sixth Street

Updated Jul 16, 2025

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

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

49 Sixth Street

$23,500,000

Building Size

—

Asset Type

Development Site

Closing

Jun 25, 2025

About this deal

AI

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.

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$23,500,000

Development Site

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Players

Rockland Trust
Rockland TrustLender

Cambridge Development Site Market Snapshot

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.68%

Cash-on-Cash

-0.19%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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