Eastern Mortgage Capital Provides $4.2 Million Loan for MultiFamily Property in Cambridge, MA
Eastern Mortgage Capital provides a $4.2 million loan for the acquisition of a 36,315 square foot MultiFamily property located at 1558 Massachusetts Avenue in Cambridge, MA.
Eastern Mortgage Capital has provided a 4.2 million loan for the acquisition of a 36,315 square foot MultiFamily property located at 1558 Massachusetts Avenue in Cambridge, MA. The property was sold for 5,264,000, at a price per square foot of $145.
The property is located in the heart of Cambridge, a highly desirable area for both renters and investors. The MultiFamily property consists of 48 units, with a mix of studio, one-bedroom, and two-bedroom apartments. The property is well-maintained and has undergone recent renovations, including updated kitchens and bathrooms.
The buyer of the property has not been disclosed, but it is clear that they saw the potential in this investment. With a price per square foot of $145, the buyer likely sees the opportunity to increase rents and improve the property’s overall value. The seller, on the other hand, was likely motivated to sell due to the current economic climate and uncertainty surrounding the rental market.
The deal was brokered by Tim O’Donnell, a well-respected broker in the Cambridge area. O’Donnell has a strong track record of successful deals in the MultiFamily sector, and his involvement likely helped to facilitate a smooth transaction.
Overall, this deal represents a strong investment opportunity in a highly desirable area. With the support of Eastern Mortgage Capital’s loan, the buyer has the potential to increase the property’s value and generate strong returns in the years to come.