Updated Dec 5, 2024
MGR Enterprise Secures $4.67M Construction Loan From Everett Co-operative Bank For Multifamily Project
319 Broadway
$4,675,000
Units
20
Asset Type
MultiFamily
Closing
Nov 18, 2024
About this deal
AI
The asset involved in this transaction is a 20-unit multifamily building located at 319 Broadway in Everett, MA. This construction project, financed for $4,675,000, will feature a 5-story structure that incorporates 3 inclusionary units and provides 8 parking spaces.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $4,675,000
- Lender: Everett Co-operative Bank
- Landlord: MGR Enterprise
- Loan Type: Construction
The deal was facilitated with MGR Enterprise securing the financing essential for the execution of the construction loan from Everett Co-operative Bank. This partnership aims to enhance the multifamily housing options within the Everett market through this development project.
Players
Everett MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.39%
Cash-on-Cash
-0.97%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93