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Chrystal Kornegay Of MassHousing Finances Affordable Housing Project In Cambridge For $41.6M
FINANCED
$41,600,000
Massachusetts
See Similar DealsDevelopment Site
Financed 06/04/2024
FINANCED
Chrystal Kornegay Of MassHousing Finances Affordable Housing Project In Cambridge For $41.6M
52 New Street
See Similar DealsDevelopment Site
Financed 06/04/2024
Summary
MASSACHUSETTS
Asset Type:Development Site
Transaction Type:Loan
The property at 52 New Street in Cambridge, MA is a development site for a 106-unit affordable housing project. MassHousing, represented by Chrystal Kornegay, is providing financing for this project. The loan amount for this development is $41.6 million, comprising a $15.4 million permanent loan and $24.7 million in tax credit equity bridge financing.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $41,600,000
- Lender: Chrystal Kornegay - MassHousing
- Landlord: Just A Start
- Units: 106
Chrystal Kornegay from MassHousing is facilitating the financing of the 106-unit affordable housing project at 52 New Street in Cambridge. Just A Start is the landlord overseeing this development, ensuring the creation of valuable and much-needed housing units in the area.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$41,600,000.00
Monthly NOI$277,333.33
Monthly Debt Service$262,940.30
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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