Chrystal Kornegay Of MassHousing Provides $9.9M Loan For Development Site In Amherst MA
Massachusetts Avenue
$9,900,000
Building Size
—
Asset Type
Development Site
Closing
May 5, 2025
AI
The asset involved in this transaction is a development site located in Amherst, MA. MassHousing is providing a loan amount of $9,900,000 through CommonWealth Builder funds specifically for the Amherst Community Homes project, which aims to develop a 30-unit condominium project targeting moderate-income, first-time homebuyers.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $9,900,000
- Lender: Chrystal Kornegay - MassHousing
- Date of Transaction: 05/05/2025
Chrystal Kornegay represents MassHousing in this transaction, facilitating the loan aimed at supporting sustainable homeownership for first-time buyers in the community while promoting development in the area.
Players
Amherst 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
1.60%
Cash-on-Cash
-0.46%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93