Updated Dec 4, 2024
TLee Development LLC Secures $4.7M Loan For 18-Unit Multifamily Project In Dorchester
270 Talbot Avenue
$4,700,000
Units
18
Asset Type
MultiFamily
Closing
Oct 24, 2023
About this deal
AI
TLee Development LLC's project at 270 Talbot Avenue in Dorchester, MA has secured a $4.7 million loan. The project aims to construct 18 affordable homeownership units.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $4,700,000
- Units: 18
- Lender: Chrystal Kornegay & Jeanne Pinado - MassHousing
- Landlord: TLee Development LLC
The loan provided by Chrystal Kornegay and Jeanne Pinado of MassHousing supports TLee Development LLC's endeavor to create affordable housing in Dorchester. This initiative will greatly benefit the community by offering homeownership opportunities.
Players
Dorchester Center 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
3.38%
Cash-on-Cash
-0.96%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93