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MassHousing & Rockport Mortgage Refinance $50M Loan For Clarendon Hill Towers Apartments
FINANCED
$50,000,000
Massachusetts
See Similar DealsMultiFamily
Financed 04/30/2024
FINANCED
MassHousing & Rockport Mortgage Refinance $50M Loan For Clarendon Hill Towers Apartments
1372 Broadway
See Similar DealsMultiFamily
Financed 04/30/2024
Summary
MASSACHUSETTS
Asset Type:MultiFamily
Transaction Type:Loan
The 501-unit Clarendon Hill Towers Apartments located at 1372 Broadway in Somerville, MA, is the subject of a $50 million refinancing deal. This substantial loan amount was provided by Dan Lyons from Rockport Mortgage Corporation and Chrystal Kornegay from MassHousing. The property belongs to Andrew Comollo of Connolly & Partners, LLC.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $50,000,000
- Units: 501
- Lender: Dan Lyons - Rockport Mortgage Corporation & Chrystal Kornegay - MassHousing
- Landlord: Andrew Comollo - Connolly & Partners, LLC
The $50 million financing provided by MassHousing will enable property improvements at the Clarendon Hill Towers Apartments. This deal involves key players Dan Lyons, Chrystal Kornegay, and Andrew Comollo, each contributing to the successful refinancing transaction.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$50,000,000.00
Monthly NOI$333,333.33
Monthly Debt Service$316,034.01
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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