Broadway Capital Refinances Chelsea Multifamily Portfolio For $16.75M Loan From Brookline Bank
54 Cary Avenue, Chelsea, Massachusetts, USA
$16,750,000
Building Size
—
Asset Type
MultiFamily
Closing
Jul 2, 2020
AI
An investor group led by Broadway Capital/Maverick Chelsea LLC, with Mike Vienneau as the representative, has secured a refinancing loan for a multifamily portfolio in Chelsea, MA. The portfolio consists of 92 residential units located at 54 Cary Street, 135 Chestnut Street, 125 Arlington Street, 130-136 Congress Street, 827-835 Broadway, 84 Washington Street, 36-40 Orange Street, and 93-95 Orange Street.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $16,750,000
Brookline Bank served as the lender for the refinancing loan. Maverick Chelsea LLC, under the management of Mike Vienneau, had acquired the portfolio in 2018 for $14,800,000. In just three years, the value of the portfolio increased to $23,500,000 through capital improvements and a full rehabilitation of an eight-unit residential building. The loan modification provided by Brookline Bank contributes to the ongoing financial strategy for this successful investment.
Players
Chelsea MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.95%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93