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Rockport Mortgage Corporation Provides $9.4M HUD Refinance Loan For Multifamily Development
FINANCED
$9,400,000
Massachusetts
See Similar DealsMultiFamily
Financed 05/21/2024
FINANCED
Rockport Mortgage Corporation Provides $9.4M HUD Refinance Loan For Multifamily Development
75 Pleasant Street
See Similar DealsMultiFamily
Financed 05/21/2024
Summary
MASSACHUSETTS
Asset Type:MultiFamily
Transaction Type:Loan
Brownstone Gardens Apartments, a 132-unit mixed-income development located at 75 Pleasant Street in East Longmeadow, MA, secured a $9.4 million HUD Section 223(f) refinance loan from Rockport Mortgage Corporation, with Dan Lyons as the lender.
Summary of transation details:
- Property Type: Multifamily
- Transaction Amount: $9,400,000
- Loan Provider: Rockport Mortgage Corporation
- Address: 75 Pleasant Street
- Market: East Longmeadow, MA
Dan Lyons from Rockport Mortgage Corporation was the key figure behind finalizing the $9.4 million refinance loan for Brownstone Gardens Apartments. The loan was structured as a HUD Section 223(f) refinance, catering to the needs of this 132-unit mixed-income development in East Longmeadow, MA.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$9,400,000.00
Monthly NOI$62,666.67
Monthly Debt Service$59,414.39
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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