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Preservation Of Affordable Housing Secures $23.5 Million Loan For Development Site In Cambridge MA
FINANCED
$23,500,000
Massachusetts
See Similar DealsDevelopment Site
Financed 06/25/2025
FINANCED
Preservation Of Affordable Housing Secures $23.5 Million Loan For Development Site In Cambridge MA
49 Sixth Street
See Similar DealsDevelopment Site
Financed 06/25/2025
Summary
MASSACHUSETTS
Asset Type:Development Site
Transaction Type:Loan
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.
Players
LENDER
LENDER
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$23,500,000.00
Monthly NOI$156,666.67
Monthly Debt Service$148,535.99
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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