Sponsor: Mitchell Properties
Loan Approved: November 27, 2012
MHP committed over $6.9 million in first mortgage financing to help Mitchell Properties LLP create 46 rental units in the Box District neighborhood of Chelsea. This building combined with the 22 Gerrish Street building will make up the Standard Box Apartments.
TYPE: Adaptive reuse
WHERE: 44 Gerrish Avenue, Chelsea.
WHAT: The demolition of a former warehouse into 46 units of rental housing.
AFFORDABILITY: Of the 46 units, 5 will be designated as affordable to residents earning at or below 80 percent of the area median income (AMI).
MHP FINANCING: A permanent first mortgage of $6,930,000.
RENTAL INFORMATION: Traggorth Companies, 617-542-6500.