Salem Five Cents Savings Bank Provides $6.4M Acquisition Loan For Cambridge Life Sciences Property

The lab property located at 359 Allston Street in Cambridge, MA encompasses an asset type classified as Life Sciences with a total square footage exceeding 5,000. The property was acquired for a transaction amount of $6,400,000 through financing secured from Salem Five Cents Savings Bank.

Summary of transaction details:

• Property Type: Life Sciences
• Transaction Amount: $6,400,000
• Loan Type: Acquisition
• Lender: Salem Five Cents Savings Bank
• Previous Sale Price: $5,000,000
• Previous Sale Year: 2016
• Market: Cambridge, MA

This transaction illustrates the involvement of Salem Five Cents Savings Bank as the lender providing the financing for the property acquisition. Their role was pivotal in facilitating the loan process for this lab property, showcasing their engagement in the real estate financing sector.