Updated Mar 11, 2025
Eastern Bank Finances $63.5M Construction Loan For 259-Unit Devon At Weiss Farm Apartments In Stoneham, MA
170 Franklin Street
$63,500,000
Units
259
Asset Type
MultiFamily
Closing
Feb 8, 2024
About this deal
AI
Eastern Bank has provided a construction loan of $63.5 million for the development of the Devon at Weiss Farm apartment property in Stoneham, Massachusetts. The property consists of 259 multifamily units and is located at 170 Franklin Street.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $63,500,000
- Loan Type: Construction
- Lender: Eastern Bank
- Landlord: John M. Corcoran - John M. Corcoran & Co
John M. Corcoran & Co is the developer of the Devon at Weiss Farm apartment property. The loan provided by Eastern Bank will support the construction of the 259-unit multifamily property located at 170 Franklin Street in Stoneham, MA.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93