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Chrystal Kornegay Of MassHousing Provides $9.9M Loan For Development Site In Amherst MA
FINANCED
$9,900,000
Massachusetts
See Similar DealsDevelopment Site
Financed 05/05/2025
FINANCED
Chrystal Kornegay Of MassHousing Provides $9.9M Loan For Development Site In Amherst MA
Massachusetts Avenue
See Similar DealsDevelopment Site
Financed 05/05/2025
Summary
MASSACHUSETTS
Asset Type:Development Site
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$9,900,000.00
Monthly NOI$66,000.00
Monthly Debt Service$62,574.73
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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