Massey Knakal Capital Services is pleased to announce the closing of a $7.0 million ground-up construction loan for a mixed-use rental property in Chelsea. The loan amount represents 65% loan-to-cost and 100% of the development budget (excluding land value).
“This was the sponsor’s first high-rise development. We were able to source a lending relationship that had closed several construction loans in Chelsea and was interested in developing a new relationship with our client. The challenge in this transaction was finding a lender who would give our client credit for the embedded equity in the land even though the site was purchased for a nominal sum in the 1980s,” said Director Morris Betesh, who exclusively handled this transaction.
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Neighborhoods: Chelsea