Updated Oct 28, 2024
Providence Realty Investment Refinances Multifamily Property In Needham, MA For $16.5M
1035 Central Avenue, Needham, Massachusetts 02492, United States
$16,500,000
Units
61
Asset Type
MultiFamily
Closing
May 15, 2022
About this deal
AI
Providence Realty Investment, LLC has successfully refinanced a multifamily property located at 1035 Central Ave in Needham, MA. The property consists of 61 units, making it an attractive investment opportunity in the market.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $16,500,000
- Address: 1035 Central Ave, Needham, MA
- Market: Needham, MA
- Lender: masshousing''>MassHousing - Chrystal Kornegay
- Lender: Rockport Mortgage - Dan Lyons
- Landlord: Providence Realty Investment, LLC - Raymond Uritescu
The loan, used for the refinancing of the property, was provided by MassHousing, with Chrystal Kornegay representing the lender. Additionally, Rockport Mortgage, with Dan Lyons representing the lender, was involved in the loan transaction. The total loan amount for this refinancing deal was $16,500,000.
Players
Needham 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
0.96%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93