Updated Oct 19, 2026
MINCO Development Corporation Secures $30.6M Loan For Multifamily Property At 1 Boston Way
1 Boston Way, Newburyport, Massachusetts 01950, United States
$30,600,000
Building Size
—
Asset Type
MultiFamily
Closing
Apr 27, 2022
About this deal
AI
The closed property transaction took place at 1 Boston Way in Newburyport, MA. The asset involved in the transaction is a multifamily property.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $30,600,000
- Lender: Rockland Trust - Nancy Bailey; Newburyport Bank
- Landlord: MINCO Development Corporation - Louis Minicucci
Representing the buyer, Nancy Bailey from Rockland Trust and the Newburyport Bank provided the loan for the transaction. The seller, Louis Minicucci, represented the MINCO Development Corporation as the landlord.
On the Map
$30,600,000
MultiFamily
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Players
Newburyport MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.52%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93