SMT Development Secures $20.6 Million Construction Loan From FinanceBoston For 40-Unit Multifamily
13-17 Allen Street
$20,600,000
$572/SF
Building Size
36,000 SF
Asset Type
MultiFamily
Closing
Oct 11, 2024
AI
The property asset involved in the context is a multifamily building located at 13-17 Allen Street in Somerville, MA. The asset spans 36,000 square feet and consists of 40 units. The landlord for this property is SMT Development.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $20,600,000
- Loan Type: Construction
- Lender's Representative: Shane Carthy - FinanceBoston
The key individuals involved in this deal include Shane Carthy, representing the lender, who is associated with FinanceBoston. SMT Development is noted as the landlord for the property in this transaction.
Players
Somerville 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
0.77%
Cash-on-Cash
-0.22%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93