Updated Aug 27, 2026
Affiliate Of Elite Home Builders LLC Secures $4 Million Loan From MassDevelopment For Emerson Green Residencies
77 Grant Road
$4,000,000
$71/SF
Building Size
56,000 SF
Asset Type
Development Site
Closing
Aug 17, 2026
About this deal
AI
A development site located at 77 Grant Road in Devens, Massachusetts spans 56,000 square feet. The asset is part of a project focused on the construction of Emerson Green Residencies, which will comprise 46 mixed-income apartment units.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $4,000,000
- Lender: MassDevelopment
- Landlord: Affiliate of Elite Home Builders LLC
The loan arranged for this development was secured by a real estate affiliate of Elite Home Builders LLC to facilitate the ongoing construction efforts in the area, specifically targeting the creation of mixed-income housing options.
Players
Grant 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
3.97%
Cash-on-Cash
-1.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93