Updated Dec 4, 2024
MassHousing Provides $21M Financing For The Pointe At Hills Farm In Shrewsbury
526 Hartford Turnpike
$21,000,000
Units
93
Asset Type
MultiFamily
Closing
Jan 12, 2024
About this deal
AI
MassHousing has provided $21 million in financing for The Pointe at Hills Farm, a 93-unit mixed-income housing project located at 526 Hartford Turnpike in Shrewsbury, Massachusetts. The property is situated just outside of Worcester in the Shrewsbury market.
Summary of transaction details:
- Property Type: Multifamily
- Number of Units: 93
- Loan Amount: $21,000,000
- Lender: Chrystal Kornegay - MassHousing
- Landlord: Gilbert Winn - WinnCos
Chrystal Kornegay, representing MassHousing, facilitated the $21 million financing deal for The Pointe at Hills Farm. Gilbert Winn, from WinnCos, serves as the landlord for the property, located in the Shrewsbury market. The project brings mixed-income housing options to the area, offering 93 units for residents.
Players
Shrewsbury 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
0.76%
Cash-on-Cash
-0.22%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93