True North Management Group & Celera Properties Secure $35.3M Floating-Rate Loan For Andover Office Building
FINANCED
$35,340,000
Massachusetts
See Similar DealsOffice233,726 SF
Financed 11/10/2021
FINANCED
True North Management Group & Celera Properties Secure $35.3M Floating-Rate Loan For Andover Office Building
300 Federal Street, Andover, Massachusetts, USA
See Similar DealsOffice233,726 SF
Financed 11/10/2021
Summary
MASSACHUSETTS
Asset Type:Office
Price Per Square Foot:$151
Total Square Footage:233,726 SF
Transaction Type:Loan
The property involved in this transaction is an office building located at 300 & 600 Federal Street in Andover, MA. The property has a total square footage of 233,726. It was acquired by True North Management Group & Celera Properties.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $35,340,000
- Address: 300 & 600 Federal Street, Andover, MA
- Market: Andover, MA
- Lender: OceanFirst Bank
- Borrower: True North Management Group & Celera Properties
- Brokers: Greg LaBine & Martha Nay - JLL Capital Markets
The loan for this transaction was provided by OceanFirst Bank. It is a floating-rate loan for the acquisition and repositioning of the property. The loan amount is $35,340,000.
Players
LENDER
LENDER
Details
Stay in the Know
Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.
By subscribing, you agree to our Terms of Service and Privacy Policy.
Similar Deals
Contact
Get in touch with the broker you want
Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$35,340,000.00
Monthly NOI$235,600.00
Monthly Debt Service$223,372.84
Change in Cash Flow$0.00
Refinance Proceeds$0.00
Is there something missing? Send suggestions