Updated Oct 29, 2024
Citizens Commercial Banking Provides $53M Loan For 180-Unit Multifamily Property In Sound End
300 Harrison Ave, Boston, MA 02118, USA
$53,000,000
$37/SF
Building Size
1,399,000 SF
Asset Type
MultiFamily
Closing
Feb 20, 2020
About this deal
AI
The multifamily property located at 300 Harrison Avenue in the Sound End market has been involved in a closed transaction. The loan for this property was secured on February 21, 2020, from Citizens Commercial Banking, with a total amount of $53,000,000. The property has a building size of 139,900 square feet and consists of 180 units. The landlord of the property is National Development.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $53,000,000
- Address: 300 Harrison Avenue
- Market: Sound End
- Lender: Citizens Commercial Banking
- Landlord: National Development
- Building Size: 139,900 square feet
- Number of Units: 180
The loan for this multifamily property was successfully secured from Citizens Commercial Banking. National Development acts as the landlord for this property in the Sound End market.
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
0.30%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93