Sponsor: The Neighborhoods Developers
Loan Approved: September 16, 2004
MHP provided $7.5 million to The Neighborhood Developers, formerly Chelsea Neighborhood Developers, preserve and renovate 86 units of rental housing in Chelsea.
TYPE: Preservation
WHERE: Scattered site project involving 18 buildings throughout Chelsea.
WHAT: Refinancing and renovation of an 18-building, 86-unit portfolio.
AFFORDABILITY: All units are affordable at 60 percent AMI.
MHP FINANCING: A $6,229,426 first mortgage through tax-credit financing, a $375,000 deferred-payment second mortgage and $875,000 loan through HomeFunders.
RENTAL INFORMATION: The Neighborhood Developers, 617-889-1375.