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The Michaels Organization Acquires Multifamily Property In Springfield, MA With $21.2M Loan

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FINANCED
$21,200,000

Massachusetts

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MultiFamily900 SF
Financed 05/03/2021
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Property Image
FINANCED

The Michaels Organization Acquires Multifamily Property In Springfield, MA With $21.2M Loan

15 Girard Ave, Springfield, Massachusetts, USA

See Similar Deals
MultiFamily900 SF
Financed 05/03/2021
the dealplayerscompscontact
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Summary

MASSACHUSETTS
Asset Type:MultiFamily
Price Per Square Foot:$23,555
Total Square Footage:900 SF
Transaction Type:Loan

The multifamily property located at 15 Girard Ave in Springfield, MA has recently undergone a closed transaction. The property consists of 201 units and is owned by The Michaels Organization, represented by Jed Henderson. The lender involved in this transaction is masshousing''>MassHousing, with Chrystal Kornegay serving as their representative.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $21,200,000
  • Address: 15 Girard Ave
  • Market: Springfield, MA
  • Units: 201

Chrystal Kornegay from MassHousing provided the loan amount of $21,200,000 for this transaction. Jed Henderson, representing The Michaels Organization, played a crucial role as the landlord in this deal.

Players

MassHousing
MassHousing
LENDER
TO
The Michaels Organization
LANDLORD

Details

FINANCED
IMAGE: Chrystal Kornegay & Jed Henderson DATE: 05/3/2021 ADDRESS: 15 Girard Ave MARKET: Springfield, MA ASSET TYPE: Multifamily UNITS: 201 LANDLORD: The Michaels Organization - Jed Henderson LENDER: MassHousing - Chrystal Kornegay LOAN AMOUNT: $21,200,000

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$21,200,000.00

Monthly NOI$141,333.33
Monthly Debt Service$133,998.42
Change in Cash Flow$0.00
Refinance Proceeds$0.00