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Chrystal Kornegay Of MassHousing Provides $37.3M Loan For Singing Bridge Residences In Chicopee
FINANCED
$37,300,000
Massachusetts
See Similar DealsDevelopment Site
Financed 04/28/2025
FINANCED
Chrystal Kornegay Of MassHousing Provides $37.3M Loan For Singing Bridge Residences In Chicopee
East Main Street
See Similar DealsDevelopment Site
Financed 04/28/2025
Summary
MASSACHUSETTS
Asset Type:Development Site
Transaction Type:Loan
The asset involved in this transaction is a development site located in Chicopee, MA, designated for a project named Singing Bridge Residences. This development will feature 105 mixed-income, fully electric rental units, utilizing a portion of the former industrial Facemate site. The financing amount closed for this project is $37,300,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $37,300,000
- Lender: Chrystal Kornegay - MassHousing
- Landlord: Sydney Capital Group LLC & Brisa Builders Development LLC
- Units: 105
The key individuals involved in this transaction include Chrystal Kornegay, representing MassHousing as the lender for the project. Sydney Capital Group LLC and Brisa Builders Development LLC are collaborating as landlords on the Singing Bridge Residences development.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$37,300,000.00
Monthly NOI$248,666.67
Monthly Debt Service$235,761.37
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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