Long term it will be prime development land for residential and/or commercial, whether it is us to develop or sell to a developer.... we may subdivide and sell some of it in the short term, so we don't wish to erect structures or change zoning to make development harder down the road.   

Best things for Boston area DSCR (commercial loans) are through local banks as they have the most competitive rates right now.

For the rest I would consider a triple net lease deal or fund in industrial or commercial real estate.  

Why issue debt at such a high rate if there wasn't some sort of risk that commercial lenders are unwilling to take?

Instead of saddling them with a $5M commercial property (for instance), you can turn that into 166k shares and divide them amongst your kids (who are in line to get a full step-up in basis when you pass away).Gotchas: The UPREIT is sometimes an option, and sometimes a mandate.

Commercial lenders look for 1.25 DCR, occupancy and 5+ year leases.

I am having a doubt here, as this seems like active losses from the sale, whereas the property was a commercial rental property held > 1 year.

@Derek Bell, as others noted, the releasing/retenanting is the biggest risk on any commercial deal.  

There are a lot of podcasts with Cody Davis, a very young guy that learned how to buy commercial property with zero down, seller financed.

When you find out the present zoning of the property, the future land use and the local agencies comprehensive plan for how they see the area being developed (all can be done at the local planning office) you will have a much better idea of what you have just bought.If the land could in any way be developed into something more than single family residential lots, i.e. if there is any multi-family or commercial component than I would advise you to hire someone qualified to help you with the site planning of the development.