Updated Sep 17, 2026
South Boston Neighborhood Development Corporation Secures $7.76M Loan For Senior Housing Conversion
207 E Street
$7,760,000
Building Size
—
Asset Type
Senior Housing
Closing
Sep 15, 2026
About this deal
AI
The asset located at 207 E Street in South Boston, MA, is being repurposed from a vacant former convent into a senior housing facility, specifically consisting of 36 affordable one-bedroom apartments. The project is being financed through a loan of $7,760,000, supported by tax-exempt funding from MassDevelopment and Eastern Bank.
Summary of transaction details:
- Property Type: Senior Housing
- Transaction Amount: $7,760,000
- Lender: Eastern Bank & Navjeet Bal - MassDevelopment
- Landlord: South Boston Neighborhood Development Corporation
The financing is part of an initiative to enhance affordable housing options for seniors in the community. The involvement of Eastern Bank as a lender denotes a collaborative effort in support of community development and housing needs.
Players
South Boston Senior Housing Market Snapshot
Boundary boundary · Senior Housing · Loan transactions
Loading comparables…
Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.04%
Cash-on-Cash
-0.58%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93