MassHousing Refinances Multifamily Property In Lynn, MA For $10M
301 Essex Street, Lynn, Massachusetts 01902, United States
$10,000,000
$6,839/SF
Building Size
1,462 SF
Asset Type
MultiFamily
Closing
Jul 25, 2022
AI
Located at 301 Essex St in Lynn, MA, this multifamily property consists of 65 units. The transaction took place on July 26, 2022.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $10,000,000
- Loan Type: Refinance
The lender involved in this transaction is masshousing''>MassHousing, with Chrystal Kornegay representing them. Additionally, Rockport Mortgage was also involved in the deal. The landlord for this property is Preservation of Affordable Housing.
Chrystal Kornegay, representing MassHousing, played a key role in securing the $10,000,000 loan for the property's refinance.
Players
Lynn 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
1.59%
Cash-on-Cash
-0.45%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93