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Chrystal Kornegay Of MassHousing Provides $25 Million Loan For Dorchester Multifamily Renovation
FINANCED
$25,000,000
Massachusetts
See Similar DealsMultiFamily
Financed 11/22/2024
FINANCED
Chrystal Kornegay Of MassHousing Provides $25 Million Loan For Dorchester Multifamily Renovation
392 Columbia Road
See Similar DealsMultiFamily
Financed 11/22/2024
Summary
MASSACHUSETTS
Asset Type:MultiFamily
Transaction Type:Loan
The asset involved is a multifamily property located at 392 Columbia Road in Dorchester, MA. The loan amount provided for this property transaction is $25,000,000, which has been allocated to finance the consolidation and renovation of two affordable housing properties, Columbia West Apartments and Uphams Corner Market, into a 91-unit complex.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $25,000,000
- Lender: Chrystal Kornegay - MassHousing
- Landlord: Affordable Housing & Services Collaborative Inc
This transaction is facilitated by Chrystal Kornegay representing MassHousing, which is responsible for providing financial support for the renovation project aimed at enhancing affordable housing options in Boston's Dorchester neighborhood.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$25,000,000.00
Monthly NOI$166,666.67
Monthly Debt Service$158,017.01
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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