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54 Cary Avenue, Chelsea, Ma...

Broadway Capital Refinances Chelsea Multifamily Portfolio For $16.75M Loan From Brookline Bank
FINANCEDMultiFamily

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

Brookline Bank
Brookline BankLender

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