Updated Oct 28, 2024
Cambridge Savings Bank Provides $62M Construction Loan For 219-Unit Multifamily In Dorchester, MA
780 Morrissey Blvd Dorchester, MA 02122, USA
$62,000,000
Units
219
Asset Type
MultiFamily
Closing
Jul 25, 2022
About this deal
AI
The property involved in this transaction is a multifamily asset located at 780 Morrissey Blvd in Dorchester, MA. It consists of 219 units.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $62,000,000
- Address: 780 Morrissey Blvd
- Market: Dorchester, MA
- Units: 219
The lender for this transaction is Cambridge Savings Bank, and the landlord is The Michaels Organization. The loan amount for this deal is $62,000,000, and it is a construction loan.
The multifamily loan at 780 Morrissey Blvd Dorchester, MA 02122, USA in Boston, Massachusetts financed for $62M in 2022. Reported inventory is 219 units across 219 units. This page is the Boston, Massachusetts file for the 780 Morrissey Blvd Dorchester, MA 02122, USA multifamily financed: pricing, party profiles, and other closed multifamily comps from the same Boston sit in the Market section below. Filter that Boston multifamily set by closing date to see what else financed near 780 Morrissey Blvd Dorchester, MA 02122, USA around 2022. Published consideration for 780 Morrissey Blvd Dorchester, MA 02122, USA is $62M, dated 2022. Cite this Cambridge Savings Bank Provides $62M Construction Loan For 219-Unit Multifamily In Dorchester, MA loan when underwriting similar multifamily product around Boston, Massachusetts.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.26%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93