Massey Knakal Capital Services Closes A $7 Million Construction Loan In Chelsea
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.
Massey Knakal Capital Services provides unparalleled market knowledge that delivers the most creative financing strategies to meet its client needs.MKCS specializes in a variety of debt and equity based real estate financing including fixed/floating rate loans, constructions loans, mezzanine loans, bridge loans, preferred equity, and joint-venture equity.