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MassDevelopment Provides $12.08M Construction Loan For La CASA Cultural Center Development

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FINANCED
$12,080,000

Massachusetts

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Development Site26,500 SF
Financed 05/21/2024
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Property Image
FINANCED

MassDevelopment Provides $12.08M Construction Loan For La CASA Cultural Center Development

85 West Newton Street

See Similar Deals
Development Site26,500 SF
Financed 05/21/2024
the dealplayerscompscontact
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Summary

MASSACHUSETTS
Asset Type:Development Site
Price Per Square Foot:$455
Total Square Footage:26,500 SF
Transaction Type:Loan

The development site located at 85 West Newton Street in Boston, MA spans a total of 26,500 square feet. MassDevelopment provided a $12.08 million tax-exempt bond to finance the construction of La CASA, a new Latinx cultural center in Boston's South End.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $12,080,000
  • Lender: MassDevelopment - Dan O'Connell
  • Landlord: Vanessa Calderón-Rosado - Inquilinos Boricuas en Acción, Inc
  • Loan Type: Construction

Dan O'Connell from MassDevelopment served as the lender for this transaction, facilitating the issuance of the tax-exempt bond to Inquilinos Boricuas en Acción. Vanessa Calderón-Rosado, representing Inquilinos Boricuas en Acción, Inc., acted as the landlord in this deal.

Players

MassDevelopment
MassDevelopment
LENDER

Details

FINANCED
IMAGE: Dan O'Connell & Vanessa Calderón-Rosado DATE: 05/21/2024 ADDRESS: 85 West Newton Street MARKET: Boston, MA ASSET TYPE: Development Site ~ SF: 26,500 LENDER: MassDevelopment - Dan O'Connell LANDLORD: Vanessa Calderón-Rosado - Inquilinos Boricuas en Acción, Inc LOAN AMOUNT: $12,080,000 LOAN TYPE: Construction NOTE: MassDevelopment issued a $12.08 million tax-exempt bond for Inquilinos Boricuas en Acción to construct La CASA, a new Latinx cultural center in Boston’s South End. ónRosado ónInc

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$12,080,000.00

Monthly NOI$80,533.33
Monthly Debt Service$76,353.82
Change in Cash Flow$0.00
Refinance Proceeds$0.00