Preservation Of Affordable Housing Acquires Development In Mattapan, MA For $36.5M
500 River St, Mattapan, MA
$36,500,000
$2,845/SF
Building Size
12,829 SF
Asset Type
Development Site
Closing
Nov 15, 2020
AI
Preservation of Affordable Housing (POAH) developer Aaron Gornstein has secured a loan amount of $36,500,000 from masshousing''>MassHousing lender Chrystal Kornegay for the development of a property located at 500 River Street in Mattapan, MA. The project involves the construction of a development comprising 135 units.
Summary of transaction details
- Property Type: Development
- Transaction Amount: $36,500,000
- Address: 500 River Street
- Market: Mattapan, MA
- Units: 135
Aaron Gornstein, representing Preservation of Affordable Housing (POAH), is the developer for the project. Chrystal Kornegay serves as the representative from MassHousing, the lending institution involved in the transaction.
Players
Boston Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.43%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93