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Malden Catholic Secures $35 Million Loan From Brookline Bank And MassDevelopment For Expansion
FINANCED
$35,000,000
Massachusetts
See Similar DealsDevelopment Site70,000 SF
Financed 10/16/2024
FINANCED
Malden Catholic Secures $35 Million Loan From Brookline Bank And MassDevelopment For Expansion
50 Crystal Street
See Similar DealsDevelopment Site70,000 SF
Financed 10/16/2024
Summary
MASSACHUSETTS
Asset Type:Development Site
Price Per Square Foot:$500
Total Square Footage:70,000 SF
Transaction Type:Loan
The development site located at 50 Crystal Street, Malden, MA encompasses 70,000 square feet. The property is part of a major expansion at Malden Catholic's campus, which aims to enhance educational facilities with new advanced classrooms, a dining hall, administrative facilities, and an athletic center.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $35,000,000
- Lender: Jerry Algere - Brookline Bank
- Lender: Benny Wong - MassDevelopment
- Landlord: John Thornburg - Malden Catholic
The arrangement of the $35 million in tax-exempt bonds for the expansion was facilitated by Brookline Bank and MassDevelopment, showcasing the collaboration between financial institutions and the educational sector to support the development of essential facilities for Malden Catholic.
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$35,000,000.00
Monthly NOI$233,333.33
Monthly Debt Service$221,223.81
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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