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MGR Enterprise Secures $4.67M Construction Loan From Everett Co-operative Bank For Multifamily Project
FINANCED
$4,675,000
Massachusetts
See Similar DealsMultiFamily
Financed 11/18/2024
FINANCED
MGR Enterprise Secures $4.67M Construction Loan From Everett Co-operative Bank For Multifamily Project
319 Broadway
See Similar DealsMultiFamily
Financed 11/18/2024
Summary
MASSACHUSETTS
Asset Type:MultiFamily
Transaction Type:Loan
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
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$4,675,000.00
Monthly NOI$31,166.67
Monthly Debt Service$29,549.18
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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