Updated Mar 7, 2025
Kathy Mcgilvray Of The Neighborhood Developers Acquires Park & Pearl Portfolio For $7.8M
161 Pearl Street, 165 Pearl Street, 156 Park Street, 160 Park Street & 148 Park Street
$7,800,000
Units
30
Asset Type
MultiFamily
Closing
Feb 21, 2025
About this deal
AI
The transaction involves a multifamily asset located at 161-165 Pearl Street, 156-160 Park Street, and 148 Park Street in Chelsea, MA. The Park & Pearl portfolio consists of 30 units. The sale was completed for a total price of $7,800,000, resulting in a price per unit of $260,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $7,800,000
- Buyer: Kathy Mcgilvray - The Neighborhood Developers
- Lender: Moddie Turay - Massachusetts Housing Investment Corporation
- Units: 30
- Price Per Unit: $260,000
Kathy Mcgilvray represented The Neighborhood Developers in the acquisition of the property. The financing for the purchase was secured through Moddie Turay of the Massachusetts Housing Investment Corporation, which provided acquisition loans through its NOAH fund to support the nonprofit's acquisition of the multifamily properties.
On the Map
$7,800,000
MultiFamily
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Chelsea MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.03%
Cash-on-Cash
-0.58%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93