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22 Bowers St Lowell, Ma 018...

Updated Oct 29, 2024

MassHousing Provides $13.9M Loan To Silver Street For Jaycee Place Rehabilitation In Lowell
FINANCEDMultiFamily

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

MassHousing
MassHousingLender

Boston MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Loan transactions

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Deal FAQ

About $100.7K per unit across 138 units on a published $13.9M (2023).

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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

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