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Affordable Housing And Services Collaborative, Inc. Secures $26.4M Loan For 248-Unit Multifamily Property In Westfield, MA

Property Image
FINANCED
$26,400,000

Massachusetts

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MultiFamily17,428 SF
Financed 12/16/2020
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Property Image
FINANCED

Affordable Housing And Services Collaborative, Inc. Secures $26.4M Loan For 248-Unit Multifamily Property In Westfield, MA

126 Union Street, Westfield, MA, USA

See Similar Deals
MultiFamily17,428 SF
Financed 12/16/2020
the dealplayerscompscontact
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Summary

MASSACHUSETTS
Asset Type:MultiFamily
Price Per Square Foot:$1,514
Total Square Footage:17,428 SF
Transaction Type:Loan

The Affordable Housing and Services Collaborative, Inc. has secured a loan amount of $26,400,000 for the acquisition of a multifamily property located at 126 Union Street in Westfield, MA. The property consists of 248 units and was financed by masshousing''>MassHousing, with Chrystal Kornegay as the lender's representative. Peabody Properties acted as the broker in the transaction.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $26,400,000
  • Units: 248
  • Address: 126 Union Street
  • Market: Westfield, MA

In this deal, Chrystal Kornegay of MassHousing served as the lender's representative. The loan was obtained by the Affordable Housing and Services Collaborative, Inc., who will now take ownership of the multifamily property located at 126 Union Street. Peabody Properties facilitated the transaction as the broker.

Players

MassHousing
MassHousing
LENDER
AC
Affordable Housing & Services Collaborative
LANDLORD

Details

FINANCED
IMAGE: Chrystal Kornegay⁠ DATE: 12/16/2020⁠ ADDRESS: 126 Union Street⁠ MARKET: Westfield, MA⁠ ASSET TYPE: Multifamily⁠ UNITS: 248⁠ ⁠ LANDLORD: Affordable Housing and Services Collaborative, Inc.⁠ LENDER: MassHousing - Chrystal Kornegay⁠ BROKER: Peabody Properties⁠ ⁠ LOAN AMOUNT: $26,400,000⁠

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$26,400,000.00

Monthly NOI$176,000.00
Monthly Debt Service$166,865.96
Change in Cash Flow$0.00
Refinance Proceeds$0.00