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

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FINANCED
$6,400,000

Massachusetts

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Life Sciences5,000 SF
Financed 03/05/2025
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Property Image
FINANCED

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

359 Allston Street

See Similar Deals
Life Sciences5,000 SF
Financed 03/05/2025
the dealplayerscompscontact
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Summary

MASSACHUSETTS
Asset Type:Life Sciences
Price Per Square Foot:$1,280
Total Square Footage:5,000 SF
Transaction Type:Loan

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.

Players

Salem Five Bank
Salem Five Bank
LENDER

Details

FINANCED
IMAGE: 03/05/2025 ADDRESS: 359 Allston Street MARKET: Cambridge, MA ASSET TYPE: Life Sciences ~ SF: 5,000 LENDER: Salem Five Cents Savings Bank LOAN AMOUNT: $6,400,000 LOAN TYPE: Acquisition NOTE: The lab property at 359 Allston Street in Cambridgeport secured $6.4M in financing from Salem Five Cents Savings Bank. The 5,000+ SF building last sold for $5M in 2016.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$6,400,000.00

Monthly NOI$42,666.67
Monthly Debt Service$40,452.35
Change in Cash Flow$0.00
Refinance Proceeds$0.00