Updated Nov 10, 2026
Lawrence H. Curtis Of WinnDevelopment Secures $48 Million Loan For Development Site In Danvers
164 Water Street
$48,000,000
Units
116
Asset Type
Development Site
Closing
Nov 9, 2026
About this deal
AI
The asset involved in this transaction is a development site located at 164 Water Street in Danvers, Massachusetts. This property is set for construction of The Waterhouse, which will consist of 116 residential units designed for mixed-income living, specifically tailored for Deaf, Deafblind, and Hard of Hearing seniors. The financing secured for this project amounts to $48 million.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $48,000,000
- Lender: Bank of America
- Landlord: Lawrence H. Curtis - WinnDevelopment
- Loan Type: Construction
The deal involves Lawrence H. Curtis from WinnDevelopment, who is the landlord for the project. The financing was coordinated to facilitate the development of a community specifically aimed at supporting seniors with unique communication needs, contributing to the New England Homes for the Deaf campus.
On the Map
$48,000,000
Development Site
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Players
Danvers Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.33%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93