Sponsor: The Neighborhood Developers
Loan Approved: March 23, 2000
MHP provided $1,184,000 in financing to help The Neighborhood Developers preserve 24 affordable units in Chelsea.
TYPE: Preservation
WHERE: 585-593 Broadway, Chelsea.
WHAT: The preservation of 24 units in four brick row houses.
AFFORDABILITY: Of the 24 units, 19 are affordable at 60 percent AMI.
MHP FINANCING: A $750,000 first mortgage and a $434,000 deferred-payment second mortgage.
RENTAL INFORMATION: Winn Residential, 617-742-4500.