EMCAP Lending Funds $1.5M Refinance For Office/Industrial Building In Charlestown

An office/industrial building located at 18 Spice St in Charlestown, MA has undergone a refinance transaction. The property is a mixed-use space with a total square footage of 14,400. The loan was provided by EMCAP Lending, a reputable lender in the market.

Summary of transation details

• Property Type: Mixed use
• Transaction Amount: $1,500,000
• Address: 18 Spice St, Boston, MA
• Market: Boston, MA
• Lender: EMCAP Lending
• Loan Type: Refinance
• Loan Terms: 11% I/O - 2 points - 18 mos

The refinance loan of $1,500,000 allowed the borrower, who is transitioning into partial retirement, to free up cash for their business. The borrower's plan is to move their business to a smaller building. With a loan-to-value (LTV) ratio of 50% based on tax value and 39% based on the appraised value, and a debt service coverage ratio (DSCR) of 2.00x on a conservative basis, EMCAP Lending provided favorable financing options for the borrower.