Posted on March 25, 2014
BOSTON, March 25, 2014 --- The Massachusetts Housing Partnership put its bank-funded loan pool to work this past fall and winter, committing over $19 million for the financing of 315 units of rental housing across Massachusetts.
Here is a roundup of MHP's most recent loan commitments:
Boston area
86 Dummer Street (Brookline): MHP committed over $1.1 million in first mortgage financing and $400,000 in a HomeFunders second mortgage to build held the Brookline Housing Authority build the 86 Dummer Street Apartments. The project will consist of 32 new units in one building with all units affordable to residents earning at or below 60 percent of the area median income (AMI).
Bellingham Hill Family Homes (Chelsea): MHP committed $508,000 in first mortgage financing and over $273,000 in HomeFunders second mortgage financing to help The Neighborhoods Developers create the Bellingham Hill Family Homes. The project consists of the demolition of two vacant building and the rehabilitation of a distressed three-unit building into seven rental units. All units will be made affordable to residents earning at or below 50 percent AMI.
Western Mass.
Chestnut Park Apartments (Holyoke): MHP committed $785,000 in first mortgage financing to help Chestnut Park LLC convert four building previously owned by the Catholic church into the Chestnut Park Apartments. The project will consist of 55 affordable rental units all of which will be affordable to residents earning at or below 60 percent AMI. In addition, five units will be reserved for residents earning at or below 30 percent AMI.
Metro West
Ashland Woods (Ashland): MHP committed $7.52 million in first mortgage financing to help Trask, Inc. construct the Ashland Woods project. The project will consist of 60 residential rental units in two, three-story buildings and 120 parking spaces. Of the 60 units, 15 will be designated as affordable for residents earning at or below 80 percent AMI.
Central Mass.
Prescott Mills (Clinton): MHP committed over $5.9 million in first mortgage financing to help Meredith Management preserve the Prescott Mills Apartments. The complex consists of 101 rental units for elderly, disabled and family tenants in a former mills building. All units in the building will be affordable to residents earning at or below 50 percent AMI.
Cape Cod
Marion Village Estates (Marion): MHP committed $3.3 million in a permanent first mortgage to help Well Built Homes, Inc. build the Marion Village Estates complex. The project consists of the new construction of two new building with 60 rental units. All units will be made affordable to residents earning at or below 60 percent AMI.