Updated Jul 30, 2025
Shane Carthy Of FinanceBoston Arranges $16.63M Loan For Development Site In Somerville MA
9 Taylor Street
$16,630,000
Building Size
—
Asset Type
Development Site
Closing
Jul 15, 2025
About this deal
AI
The transaction involves a development site located at 9 Taylor Street in Somerville, MA, designated for the construction of 34 luxury apartments. The total loan amount arranged for this project is $16,630,000 with a construction loan type.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $16,630,000
- Market: Somerville, MA
- Landlord: Elan Sassoon, Gerry McDonough & John Topalis
- Broker: Shane Carthy - FinanceBoston
- Loan Type: Construction
Shane Carthy from FinanceBoston facilitated the development financing for the luxury apartments, highlighting the involvement of key stakeholders in this significant deal, including the landlords who are responsible for the property.
On the Map
$16,630,000
Development Site
View full map
Players
Somerville Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Deal FAQ
Browse Somerville development site loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.95%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93