Updated Oct 29, 2024
MassHousing Provides $2.5M Loan For Affordable Multifamily Property In Lowell, MA
445 Merrimack Street, Lowell, Massachusetts, USA
$2,500,000
Units
34
Asset Type
MultiFamily
Closing
Mar 31, 2021
About this deal
AI
The multifamily property located at 445 Merrimack Street in Lowell, MA has recently undergone a closed transaction. The property consists of 34 units and is part of the affordable housing sector.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $2,500,000
- Address: 445 Merrimack Street, Lowell, MA
- Market: Lowell, MA
- Lender: masshousing''>MassHousing - Chrystal Kornegay
- Landlord: Affordable Housing and Services Collaborative (AHSC) - Michael Mattos
- Broker: Peabody Properties
The lender for this transaction was MassHousing, with Chrystal Kornegay representing their interests. The landlord of the property is the Affordable Housing and Services Collaborative (AHSC), with Michael Mattos overseeing the management of the multifamily units. Acting as the broker for this deal was Peabody Properties.
Players
Lowell 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
6.35%
Cash-on-Cash
-1.81%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93