Updated Apr 11, 2025
Thomas Colarusso Secures $3.2M Construction Loan From Crowd Lending Inc For Development Site In Quincy MA
97 Sumner Street
$3,202,500
$207/SF
Building Size
15,471 SF
Asset Type
Development Site
Closing
Apr 7, 2025
About this deal
AI
The property asset involved in this transaction is a development site located at 97 Sumner Street in Quincy, MA. The total square footage of the site is 15,471 square feet. The loan amount provided for this transaction is $3,202,500, and it falls under the construction loan type.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $3,202,500
- Market: Quincy, MA
- Asset Size: 15,471 SF
- Lender: Crowd Lending Inc
- Landlord: Thomas Colarusso
- Lender's Representative: Robert Nichols - MIG Realty
Key individuals involved in this transaction include Thomas Colarusso as the landlord and Robert Nichols representing the lender, Crowd Lending Inc, through MIG Realty. This deal facilitates the funding necessary for the proposed development at the specified location.
On the Map
$3,202,500
$207/SF
Development Site
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Players
Quincy 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
4.95%
Cash-on-Cash
-1.42%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93