Fantini & Gorga Represents $23M Construction Loan For Office Property At 222 Brooks St, Worcester, MA
222 Brooks Street, Worcester, MA 01606
$23,000,000
$766/SF
Building Size
30,000 SF
Asset Type
Office
Closing
Dec 10, 2021
AI
222 Brooks St in Worcester, MA was the site of a recent closed property transaction. The property, an office space, was sold for a loan amount of $23,000,000. The transaction was a construction loan, indicating that the funds were used for the development or renovation of the property.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $23,000,000
The deal was facilitated by broker Derek Coulombe from Fantini & Gorga, who represented the parties involved in the transaction. Coulombe's expertise in the market played a significant role in successfully closing the deal.
Players
Worcester Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.69%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93