Shane Carthy Of FinanceBoston Arranges $16.63M Loan For Development Site In Somerville MA
FINANCED
$16,630,000
Massachusetts
See Similar DealsDevelopment Site
Financed 07/16/2025
FINANCED
Shane Carthy Of FinanceBoston Arranges $16.63M Loan For Development Site In Somerville MA
9 Taylor Street
See Similar DealsDevelopment Site
Financed 07/16/2025
Summary
MASSACHUSETTS
Asset Type:Development Site
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$16,630,000.00
Monthly NOI$110,866.67
Monthly Debt Service$105,112.91
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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