Updated Oct 29, 2024
MassHousing Provides $13.9M Loan To Silver Street For Jaycee Place Rehabilitation In Lowell
22 Bowers St Lowell, Ma 01854, Usa
$13,900,000
Units
138
Asset Type
MultiFamily
Closing
Jul 24, 2023
About this deal
AI
The extensive rehabilitation and refinancing of Jaycee Place, a 138-unit affordable housing community in Lowell, MA, has received $13.9 million in affordable housing financing from MassHousing. The loan has been provided to Silver Street, the landlord of the property, and will support the efforts to improve and enhance this affordable housing community.
Summary of transaction details
- Property Type: MultiFamily
- Transaction Amount: $13,900,000
- Address: 22 Bowers St, Lowell, MA
- Market: Lowell, MA
- Units: 138
MassHousing, represented by Chrystal Kornegay as the lender, has played a crucial role in supporting the rehabilitation and refinancing of Jaycee Place. The loan provided by MassHousing will ensure the availability of affordable housing options for the residents of Lowell, MA. Under the ownership of Silver Street, led by Matthew Kesselhaut, the property will undergo extensive improvements to enhance the living conditions of the community members.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.14%
Cash-on-Cash
-0.33%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93