Updated Oct 29, 2024
MassHousing Provides $13.3M Loan For Acquisition Of Van Der Heyden Apartments
774 State St Springfield, MA 01109, USA
$13,300,000
Units
45
Asset Type
MultiFamily
Closing
Jul 26, 2023
About this deal
AI
The 45-unit Van der Heyden Apartments located at 774 State Street in Springfield, MA have been acquired by Van der Heyden Apartments Limited Partnership. The property has received $13.3 million in affordable housing financing from MassHousing for its acquisition, renovation, and extension of affordability.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $13,300,000
- Units: 45
- Lender: MassHousing
- Landlord: Van der Heyden Apartments Limited Partnership
- Date: 07/26/2023
- Market: Springfield, MA
Chrystal Kornegay, the representative of MassHousing, facilitated the financing for the acquisition of Van der Heyden Apartments. This transaction aims to ensure the preservation and affordability of the property, benefiting the local community in Springfield.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.19%
Cash-on-Cash
-0.34%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93