Updated Oct 29, 2024
MassDevelopment Grants $32.5M Loan For Acquisition And Renovation Of Ipswich Affordable Housing Complex
34 Agawam Village Ipswich, Massachusetts 01938, USA
$32,500,000
Units
94
Asset Type
MultiFamily
Closing
Jun 29, 2023
About this deal
AI
MassDevelopment has granted a $32.5 million tax-exempt bond to support the acquisition and renovation of Agawam Village, a 94-unit affordable housing complex located at 34 Agawam Village in Ipswich, MA. The property is a multifamily asset with a total of 94 units. The loan was provided by MassDevelopment and the landlord of Agawam Village is The Ipswich Housing Authority & Harborlight Homes of Beverly.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $32,500,000
- Address: 34 Agawam Village
- Market: Ipswich, MA
- Units: 94
- Lender: MassDevelopment
- Landlord: The Ipswich Housing Authority & Harborlight Homes of Beverly
MassDevelopment has provided a $32.5 million tax-exempt bond to support the acquisition and renovation of Agawam Village in Ipswich. This investment will contribute to the preservation and improvement of the 94-unit affordable housing complex.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.49%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93