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MassHousing Provides $29.7 Million Loan For NeighborWorks Housing Solutions Multifamily Development In Brockton MA

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FINANCED
$29,700,000

Massachusetts

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MultiFamily
Financed 02/06/2025
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Property Image
FINANCED

MassHousing Provides $29.7 Million Loan For NeighborWorks Housing Solutions Multifamily Development In Brockton MA

1200 Montello Street

See Similar Deals
MultiFamily
Financed 02/06/2025
the dealplayerscompscontact
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Summary

MASSACHUSETTS
Asset Type:MultiFamily
Transaction Type:Loan

1200 Montello Street is a multifamily asset located in Brockton, MA, consisting of 94 units. The property is part of a development project aimed at creating affordable apartments near the Campello Commuter Rail station, with financing secured through a construction loan.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $29,700,000
  • Lender: Chrystal Kornegay - MassHousing
  • Landlord: Robert Corley - NeighborWorks Housing Solutions
  • Loan Type: Construction
  • Completion Date: Expected by August 2026
  • Project Standards: Will meet Passive House standards

The transaction involves Chrystal Kornegay representing MassHousing in securing a substantial loan, while Robert Corley represents NeighborWorks Housing Solutions as the landlord in the development of this critical housing project. The financing is an essential step in the city’s revitalization efforts.

Players

MassHousing
MassHousing
LENDER

Details

FINANCED
IMAGE: Chrystal Kornegay & Robert Corley DATE: 02/06/2025 ADDRESS: 1200 Montello Street MARKET: Brockton, MA ASSET TYPE: Multifamily ~ UNITS: 94 LENDER: Chrystal Kornegay - MassHousing (@Mass.Housing) LANDLORD: Robert Corley - NeighborWorks Housing Solutions (@NHSMass) LOAN AMOUNT: $29,700,000 LOAN TYPE: Construction NOTE: MassHousing closed $29.7 million in financing for NeighborWorks Housing Solutions to develop 94 affordable apartments near Brockton's Campello Commuter Rail station. The project, set to meet Passive House standards, is part of the city's revitalization efforts and is expected to be completed by August 2026.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$29,700,000.00

Monthly NOI$198,000.00
Monthly Debt Service$187,724.20
Change in Cash Flow$0.00
Refinance Proceeds$0.00