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12 Pope Street, Salem, Mass...

Updated Oct 28, 2024

Preservation Of Affordable Housing (POAH) Acquires Multifamily Property In Salem, MA With $61M Construction Loan From Rockland Trust
FINANCEDMultiFamily

Preservation Of Affordable Housing (POAH) Acquires Multifamily Property In Salem, MA With $61M Construction Loan From Rockland Trust

12 Pope Street, Salem, Massachusetts, USA

$61,000,000

$63,541/SF

Building Size

960 SF

Asset Type

MultiFamily

Closing

Aug 12, 2021

About this deal

AI

The multifamily property located at 12 Pope Street in Salem, MA has recently undergone a closed transaction. The property, owned by Preservation of Affordable Housing (POAH) and represented by Dena Xifaras, has a total of 281 units. The transaction involved a construction loan provided by Rockland Trust, with Heidi Yates as the lender. The loan amount for this transaction was $61,000,000.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $61,000,000
  • Address: 12 Pope Street, Salem, MA
  • Market: Salem, MA
  • Units: 281
  • Landlord: Preservation of Affordable Housing (POAH) - Dena Xifaras
  • Lender: Rockland Trust - Heidi Yates

Heidi Yates from Rockland Trust acted as the lender in this transaction, providing a construction loan to facilitate the deal. Dena Xifaras represented Preservation of Affordable Housing (POAH) as the landlord throughout the transaction.

On the Map

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$61,000,000

$63,541/SF

MultiFamily

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Players

Rockland Trust
Rockland TrustLender

Salem MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Loan transactions

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Deal FAQ

About $63.5K per square foot on a published $61M for 960 square feet (2021).

Browse Massachusetts multifamily loans on Traded.

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.26%

Cash-on-Cash

-0.07%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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