SMT Development Secures $20.6 Million Construction Loan From FinanceBoston For 40-Unit Multifamily
FINANCED
$20,600,000
Massachusetts
See Similar DealsMultiFamily36,000 SF
Financed 10/11/2024
FINANCED
SMT Development Secures $20.6 Million Construction Loan From FinanceBoston For 40-Unit Multifamily
13-17 Allen Street
See Similar DealsMultiFamily36,000 SF
Financed 10/11/2024
Summary
MASSACHUSETTS
Asset Type:MultiFamily
Price Per Square Foot:$572
Total Square Footage:36,000 SF
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$20,600,000.00
Monthly NOI$137,333.33
Monthly Debt Service$130,206.01
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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