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195 Summer Street, Newton, ...

Updated Oct 29, 2024

Newton Community Development Foundation Acquires Multifamily Property In Newtown, MA For $8.1M
FINANCEDMultiFamily

Newton Community Development Foundation Acquires Multifamily Property In Newtown, MA For $8.1M

195 Summer Street, Newton, MA, USA

$8,100,000

$4,821/SF

Building Size

1,680 SF

Asset Type

MultiFamily

Closing

Jun 29, 2020

About this deal

AI

The multifamily property located at 195 Summer Street in Newtown, MA has recently undergone a loan transaction. The borrower, Newton Community Development Foundation (NCDF) represented by Jeanne Strickland, secured a loan from Rockport Mortgage Corporation, represented by Dan Lyons. The loan amount was $8,100,000 for a property consisting of 43 units.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $8,100,000
  • Address: 195 Summer Street
  • Market: Newtown, MA
  • Borrower: Newton Community Development Foundation (NCDF) - Jeanne Strickland
  • Lender: Rockport Mortgage Corporation - Dan Lyons
  • Broker: Chrystal Kornegay - MassHousing
  • Units: 43

This transaction provides an opportunity for the Newton Community Development Foundation (NCDF) to continue its mission of supporting the local community. The loan from Rockport Mortgage Corporation, facilitated by Dan Lyons, will assist in the maintenance and improvement of the multifamily property located at 195 Summer Street. Chrystal Kornegay, representing MassHousing, acted as the broker in this deal, ensuring a smooth transaction between the borrower and lender.

Players

Chrystal Kornegay

Broker

$467.6M

vol

16 deals

Broker
Rockport Mortgage Corporation
Rockport Mortgage CorporationLender

Newton MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Loan transactions

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Deal FAQ

About $4.8K per square foot on a published $8.1M for 1,680 square feet (2020).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

1.96%

Cash-on-Cash

-0.56%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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