Updated Mar 11, 2025
Homeowners Rehab, Inc Secures $87.2M Loan For 300-Unit Apartment In Cambridge
808 Memorial Dr, Cambridge, MA 02139, USA
$87,200,000
$721/SF
Building Size
120,918 SF
Asset Type
Other
Closing
Aug 3, 2020
About this deal
AI
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.
Players
Cambridge Other Market Snapshot
Boundary boundary · Other · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.18%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93