Updated Oct 29, 2024
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
Newton MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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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