163 Chestnut LLC Acquires Multifamily Property In Chelsea, MA For $11.02M Loan From Enterprise Bank

The "Cathedral" development project, located at 157-163 Chestnut St in Chelsea, MA, has undergone a recent loan transaction. The property, with a total of 30 high-end residential condominium units, spans over 50,450 square feet. The project is situated less than 2 miles from downtown Boston, making it a prime location for residents.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $11,025,000
• Market: Chelsea, MA

The loan for the "Cathedral" development project was provided by Enterprise Bank. It is a construction loan with a term of 24 months, offering interest-only payments. The loan is set at an interest rate of 3.75%. This financing will support the conversion of the St. Stanislaus Church into the 30 high-end residential condominium units.

The landlord for the project is 163 Chestnut LLC, represented by Mike Vienneau and Matt Grosshandler of Broadway Capital Development. Realway Realty, represented by Jeff Bowen and Robert Saenz, and Colliers International, represented by James Elcock, served as the brokers in this transaction. The construction efforts for the project will be led by Bald Hill Builders.

This loan transaction marks an important step towards the completion of the "Cathedral" development, which is set to transform the St. Stanislaus Church into luxurious residential condominiums.