Homeowners Rehab, Inc Secures $87.2M Loan For 300-Unit Apartment In Cambridge
FINANCED
$87,200,000
Massachusetts
See Similar DealsOther120,918 SF
Financed 08/04/2020
FINANCED
Homeowners Rehab, Inc Secures $87.2M Loan For 300-Unit Apartment In Cambridge
808 Memorial Dr, Cambridge, MA 02139, USA
See Similar DealsOther120,918 SF
Financed 08/04/2020
Summary
MASSACHUSETTS
Asset Type:Other
Price Per Square Foot:$721
Total Square Footage:120,918 SF
Transaction Type:Loan
Homeowners Rehab, Inc has secured a loan from masshousing''>MassHousing for the property at 808 Memorial Drive in Cambridge. The asset is an apartment building consisting of 300 units. The loan amount is $87,200,000.
Summary of transaction details:
- Property Type: Apartment
- Transaction Amount: $87,200,000
- Borrower: Homeowners Rehab, Inc – Peter Daly
- Lender: MassHousing – Chrystal Kornegay
- Loan Terms: $61.5 million tax-exempt construction and permanent loan, $24.9 million in taxable and tax-exempt tax credit equity bridge financing, $787,763 interest reduction
Chrystal Kornegay, representing MassHousing, facilitated the loan for this transaction.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$87,200,000.00
Monthly NOI$581,333.33
Monthly Debt Service$551,163.32
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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