Updated Dec 4, 2024
MassHousing Provides $7.55M Loan To Affordable Housing & Services Collaborative For Prospect Estates Acquisition
10 Prospect Street
$7,550,000
Units
25
Asset Type
MultiFamily
Closing
Nov 20, 2023
About this deal
AI
MassHousing has closed on $7.55 million in affordable housing financing for the Affordable Housing and Services Collaborative (AHSC) to support the acquisition and renovation of Prospect Estates, a 25-unit affordable housing property in Webster, Massachusetts.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $7,550,000
- Units: 25
- Address: 10 Prospect Street, Webster, MA
- Market: Webster, MA
The lender for this transaction was Chrystal Kornegay from MassHousing. She provided the affordable housing financing for the acquisition and renovation of Prospect Estates. The landlord, Michael J. Mattos, represents the Affordable Housing and Services Collaborative (AHSC) in this deal.
Players
Webster 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
2.10%
Cash-on-Cash
-0.60%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93