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WinnDevelopment Secures $69.1M Loan For 114-Unit Development Site In Swampscott, MA
FINANCED
$69,100,000
Massachusetts
See Similar DealsDevelopment Site
Financed 02/09/2024
FINANCED
WinnDevelopment Secures $69.1M Loan For 114-Unit Development Site In Swampscott, MA
Development Site
Financed 02/09/2024
Summary
Asset Type:Development Site
Transaction Type:Loan
The Westcott, a 114-unit mixed-income apartment community, has secured financing in Swampscott, MA. The development arm of WinnCompanies, WinnDevelopment, has obtained a loan amount of $69,100,000 from Chrystal Kornegay, representing MassHousing. The construction of The Westcott is expected to be completed by mid-2025.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $69,100,000
- Units: 114
- Market: Swampscott, MA
In this deal, the lender, Chrystal Kornegay from MassHousing, has provided the financing for The Westcott. The landlord for the project is Adam Stein, representing WinnDevelopment. Together, they have secured the necessary funding to bring this mixed-income apartment community to completion.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$69,100,000.00
Monthly NOI$460,666.67
Monthly Debt Service$436,759.00
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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