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50 Cambridgepark Drive

Goldman Sachs Acquires Hanover North Cambridge Building For $182M
SOLDDevelopment Site

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

Goldman Sachs
Goldman SachsBuyer
Goldman Sachs
Goldman SachsLender

Cambridge Development Site Market Snapshot

Boundary boundary · Development Site · Sale transactions

Loading comparables…

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