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Thomas Colarusso Secures $3.2M Construction Loan From Crowd Lending Inc For Development Site In Quincy MA

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FINANCED
$3,202,500

Massachusetts

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Development Site15,471 SF
Financed
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Property Image
FINANCED

Thomas Colarusso Secures $3.2M Construction Loan From Crowd Lending Inc For Development Site In Quincy MA

97 Sumner Street

See Similar Deals
Development Site15,471 SF
Financed
the dealplayerscompscontact
Contact now

Summary

MASSACHUSETTS
Asset Type:Development Site
Price Per Square Foot:$207
Total Square Footage:15471 SF
Transaction Type:Loan

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.

Players

Robert Nichols
MIG Realty
Robert Nichols
44 deals$69M volume
BROKER
CI
Crowd Lending Inc
LENDER

Details

FINANCED
IMAGE: Robert Nichols DATE: 04/07/2025 ADDRESS: 97 Sumner Street MARKET: Quincy, MA ASSET TYPE: Development Site ~ BSF: 15,471 ~ SF: 15,471 LENDER: Crowd Lending Inc (@CrowdLendingInc) LANDLORD: Thomas Colarusso LENDER'S REP: Robert Nichols (@RobertlNichols) - MIG Realty (@MIGRealty) LOAN AMOUNT: $3,202,500 LOAN TYPE: Construction

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$3,202,500.00

Monthly NOI$21,350.00
Monthly Debt Service$20,241.98
Change in Cash Flow$0.00
Refinance Proceeds$0.00