Goldman Sachs Acquires Hanover North Cambridge Building For $182M
50 Cambridgepark Drive
$182,000,000
Building Size
—
Asset Type
Development Site
Closing
Sep 27, 2023
AI
The Hanover Co. has completed the sale of its 294-unit Hanover North Cambridge building located at 50 Cambridgepark Drive in Cambridge, MA. The property was acquired for $182 million by an entity affiliated with Goldman Sachs, known as 50 CPD Owner LLC.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $182,000,000
- Address: 50 Cambridgepark Drive, Cambridge, MA
- Market: Cambridge, MA
The Hanover Co. strategically chose to sell the Hanover North Cambridge building as part of its investment in the Alewife neighborhood in Cambridge. The sale was made to 50 CPD Owner LLC, an entity affiliated with Goldman Sachs.
Players
Cambridge Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.09%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93