Updated Dec 4, 2024
MGM Capital Development Secures $9.57 Million Loan From Cardinal Capital Group In Boston
291 Beacon Street
$9,575,000
$1,845/SF
Building Size
5,189 SF
Asset Type
MultiFamily
Closing
Aug 1, 2024
About this deal
AI
The property asset involved in this transaction is a multifamily building located at 291 Beacon St, Boston, MA. The asset encompasses a total square footage of 7,674 and has been financed through a loan amount of $9,575,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $9,575,000
- Address: 291 Beacon St
- Market: Boston, MA
- Lender: Cardinal Capital Group
- Landlord: MGM Capital Development, a subsidiary of MGM Capital Investments
- Broker: Frank Amato
The key individuals and companies involved in this transaction include the lender, Cardinal Capital Group, which facilitated the loan. MGM Capital Development serves as the landlord for the property, and Frank Amato acted as the broker in this transaction.
Players
Boston 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
1.66%
Cash-on-Cash
-0.47%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93