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MassHousing And Rockport Mortgage Corporation Provide $12.9 Million Loan For Bixby Brockton Apartments Upgrade

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FINANCED
$12,900,000

Massachusetts

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MultiFamily
Financed 08/16/2023
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Property Image
FINANCED

MassHousing And Rockport Mortgage Corporation Provide $12.9 Million Loan For Bixby Brockton Apartments Upgrade

100 Main St Brockton, MA 02301, USA

See Similar Deals
MultiFamily
Financed 08/16/2023
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Summary

MASSACHUSETTS
Asset Type:MultiFamily
Transaction Type:Loan

The Bixby Brockton Apartments, located at 100-106 Main St in Brockton, MA, has secured $12.9 million financing from MassHousing for extensive upgrades. This funding will contribute to improving the living conditions for the residents, resulting in enhanced quality of life.

Summary of transaction details

  • Property Type: MultiFamily
  • Transaction Amount: $12,900,000
  • Number of Units: 106
  • Lender: MassHousing - Chrystal Kornegay & Rockport Mortgage Corporation
  • Landlord: Affordable Housing & Services Collaborative - Michael Mattos

Chrystal Kornegay, representing MassHousing, and Rockport Mortgage Corporation played a key role in facilitating the financing for the Bixby Brockton Apartments. The Affordable Housing & Services Collaborative, led by Michael Mattos, is the landlord responsible for the property. The collaborative aims to provide affordable housing options to the community, ensuring residents have access to improved living conditions.

Players

LENDER


3 deals$23M volume
LANDLORD

Details

FINANCED
IMAGE: Michael Mattos & Chrystal Kornegay DATE: 08/16/2023 ADDRESS: 100-106 Main St MARKET: Brockton, MA ASSET TYPE: MultiFamily ~ UNITS: 106 LENDER: MassHousing (@Mass.Housing) - Chrystal Kornegay & Rockport Mortgage Corporation LANDLORD: Affordable Housing & Services Collaborative - Michael Mattos LOAN AMOUNT: $12,900,000 NOTE: Bixby Brockton Apartments in Massachusetts secures $12.9 million financing from MassHousing for extensive upgrades, benefiting residents with improved living conditions.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$12,900,000.00

Monthly NOI$86,000.00
Monthly Debt Service$81,536.78
Change in Cash Flow$0.00
Refinance Proceeds$0.00