Lincoln Property Company & Metlife Investment Management Secure $60M Construction Loan For Office/Medical Facility In Waltham, MA
300 3rd Ave, Waltham, Ma 02451, Usa
$60,000,000
$428/SF
Building Size
140,000 SF
Asset Type
Office
Closing
Jul 23, 2020
About this deal
AI
The asset involved in this transaction is an office/medical facility located at 300 Third Avenue in Waltham, MA. The property encompasses 140,000 square feet and is associated with a construction loan amounting to $60,000,000.
Summary of transaction details:
- Property Type: Office/Medical Facility
- Transaction Amount: $60,000,000
- Developer: Lincoln Property Company & Metlife Investment Management
- Lender: Bank OZK
- Loan Type: Construction Loan
- Address: 300 Third Avenue
- Market: Waltham, MA
- Square Footage: 140,000
- Brokers: James Cristofori & Sarah Lagosh – Eastdil Secured
James Cristofori and Sarah Lagosh from Eastdil Secured represent the brokerage team involved in this transaction, facilitating the loan process between the developers and the lender. The deal signifies a collaboration between notable parties in the construction financing sector.
On the Map
$60,000,000
$428/SF
Office
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Players
Waltham 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
0.26%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93