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222 Brooks Street, Worceste...

Fantini & Gorga Represents $23M Construction Loan For Office Property At 222 Brooks St, Worcester, MA
FINANCEDOffice

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

Derek Coulombe

Fantini & Gorga

Broker

$65.9M

vol

7 deals

Broker

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