Updated Oct 28, 2024
Bank OZK Provides $246M Construction Loan For Development Site In Somerville, MA
808 Windsor Street, Somerville, Massachusetts 02141, United States
$246,000,000
Building Size
—
Asset Type
Development Site
Closing
Dec 21, 2021
About this deal
AI
The development site located at 808 Windsor Street in Somerville, MA has secured a construction loan worth $246,000,000. The loan, provided by Bank OZK, is set to facilitate the development of the property. The loan terms span over a period of 5 years, allowing ample time for the completion of the project.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $246,000,000
- Address: 808 Windsor Street, Somerville, MA
- Market: Somerville, MA
The property is owned by Leggat McCall Properties, DLJ Real Estate Capital Partners, and Deutsche Finance America. Assisting in the transaction, Brett Paulsrud and Henry Schaffer from JLL acted as the brokers representing the parties involved in the deal.
On the Map
$246,000,000
Development Site
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Players
Somerville 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
0.06%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93