Updated Oct 28, 2024
Providence Realty Investment Refinances Loan For Abington, MA Multifamily Property
585 Chestnut Street, Abington, Massachusetts 02351, United States
$25,600,000
Units
130
Asset Type
MultiFamily
Closing
May 15, 2022
About this deal
AI
Providence Realty Investment, LLC has refinanced a multifamily property in Abington, MA. The property, located at 585 Chestnut St, consists of 130 units. The refinance loan was provided by masshousing''>MassHousing represented by Chrystal Kornegay and Rockport Mortgage represented by Dan Lyons. The loan amount for the transaction was $25,600,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $25,600,000
- Units: 130
- Market: Abington, MA
- Lender: MassHousing - Chrystal Kornegay & Rockport Mortgage - Dan Lyons
- Landlord: Providence Realty Investment, LLC - Raymond Uritescu
- Loan Type: Refinance
The individuals involved in the deal were Chrystal Kornegay from MassHousing, Dan Lyons from Rockport Mortgage, and Raymond Uritescu representing Providence Realty Investment, LLC.
Players
Abington 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
0.62%
Cash-on-Cash
-0.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93