Posted on July 17, 2014
BOSTON, July 17, 2014 --- The Massachusetts Housing Partnership put its bank-funded loan pool to work this spring and summer, committing over $56.9 million for the financing of 944 units of rental housing across Massachusetts.
Here is a roundup of MHP's most recent loan commitments:
Boston area
Bridgeview Center (Charlestown):MHP committed $3,567,000 in first mortgage financing to help Bridgeview Partners LLC and Toward Independent Living and Learning, Inc. (TILL) construct Bridgeview Center. The new development consists of 61 rental units, all affordable to residents earning at or below 60 percent of the area median income (AMI).
Western Mass.
Village Center Apartments (Williamsburg and Chesterfield): MHP committed $350,000 to help Hilltown CDC preserve rental units in six scattered-site buildings. The properties consist of 24 rental units all affordable to residents earning at or below 60 percent AMI.
Cable Mills (Williamstown): MHP committed $9,827,000 in financing to help Mitchell Properties create the Cable Mills development on the site of a former mill. The complex will consist of 61 rental units, 13 of which will be designated as affordable to residents earning at or below 80 percent AMI.
Metro Boston
Residences at Stony Brook II (Westford):MHP committed $1.9 million to help Common Ground Development Corp. construct The Residences at Stony Brook II in Westford. The development consists of 36 rental units, all affordable to residents earning at or below 60 percent AMI.
Upland Woods (Norwood):MHP committed $15 million in financing to help Campanelli & Thorndike Development Corp. construct the Upland Woods complex. The development will include 262 new units of rental housing, 66 of which will be reserved for residents earning at or below 80 percent AMI.
Central Mass.
Heywood Wakefield IV (Gardner):MHP committed $1.8 million in financing to help EA Fish Development Inc. construct new apartments on the site of a former manufacturing building. The Heywood Wakefield IV project will consist of 55 rental apartments, all affordable to residents earning at or below 60 percent AMI.
Cape Cod
Route 134 Community Housing (Dennis):MHP committed $1,090,000 in financing to help Housing Assistance Corporation (HAC) and Preservation of Affordable Housing (POAH) create 27 affordable rental units. All units will be made affordable to residents earning 60 percent AMI.
South Shore
Residences at Lakeshore (Bridgewater):MHP committed $14 million to help The Claremont Company, Inc. construct the Residences at Lakeshore development. The project will consist of 192 newly constructed rental units with 49 unit sets aside for residents earning at or below 80 percent AMI.
Riverview Meadows (Raynham):MHP committed $4,650,000 to help Douglas A. King Builders preserve 91 rental apartments. Of the 91 units, 24 will be designated as affordable for residents earning at or below 80 percent AMI.
Merrimack Valley/North Shore
Malden Mills II (Lawrence):MHP committed $1.4 million in first mortgage financing to help Winn Development construct the Malden Mills II project. The project will consist of the adaptive reuse of four buildings into 62 affordable rental units, all affordable to residents earning 60 percent AMI and seven affordable to residents earning at or below 30 percent AMI.
Duck Mill at Union Crossing (Lawrence):MHP committed $3,362,000 in financing to help Lawrence Community Works construct new apartments on the site of a former textile mill. The Duck Mill at Union Crossing project will consist of 73 units, all affordable to residents at 60 percent AMI.