FINANCEDOffice
L3 Capital Secures $56M Construction Financing For Retail And Office Property In Boston, MA
149 Newbury Street, Boston, Massachusetts 02116, United States
$56,000,000
$1,287/SF
Building Size
43,500 SF
Asset Type
Office
Closing
Feb 6, 2022
AI
The property involved in this closed transaction is a retail and office space located at 149 Newbury St in Boston, MA. The property has a total square footage of 43,500.
Summary of transaction details
- Property Type: Retail & Office
- Transaction Amount: $56,000,000
- Address: 149 Newbury St, Boston, MA
- Lender: Bank of New England & Needham Bank
- Landlord: L3 Capital
- Brokers: Jonathan Schneider, Michael Morretta, Patrick Nugent & Bryan Sparkes - JLL
The loan for this transaction was provided as construction financing. The lenders involved in this deal were Bank of New England and Needham Bank.
Players
Boston Office Market Snapshot
Boundary boundary · Office · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.28%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93