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MassHousing Provides $2.5M Loan For Affordable Multifamily Property In Lowell, MA

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FINANCED
$2,500,000

Massachusetts

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MultiFamily
Financed 04/01/2021
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Property Image
FINANCED

MassHousing Provides $2.5M Loan For Affordable Multifamily Property In Lowell, MA

445 Merrimack Street, Lowell, Massachusetts, USA

See Similar Deals
MultiFamily
Financed 04/01/2021
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Summary

MASSACHUSETTS
Asset Type:MultiFamily
Transaction Type:Loan

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

LENDER

3 deals$23M volume
LANDLORD

Details

FINANCED
IMAGE: Chrystal Kornegay & Michael Mattos DATE: 04/01/2021 ADDRESS: 445 Merrimack Street MARKET: Lowell, MA ASSET TYPE: Multifamily UNITS: 34 LENDER: MassHousing - Chrystal Kornegay LANDLORD: Affordable Housing and Services Collaborative (AHSC) - Michael Mattos BROKER: Peabody Properties LOAN AMOUNT: $2,500,000

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$2,500,000.00

Monthly NOI$16,666.67
Monthly Debt Service$15,801.70
Change in Cash Flow$0.00
Refinance Proceeds$0.00