Sponsor: Cape Ann Housing Opportunity, Inc.
Loan Approved: July 18, 2003
MHP committed over $2.8 million in financing to help Cape Ann Housing Opportunity, Inc. construct 43 affordable rental apartments on the site of a historic glue factory.
TYPE: Adaptive reuse
WHERE: 147 Essex Avenue, in Gloucester.
WHAT: The new construction of 43 affordable rental units on the former site of the LePage glue factory.
AFFORDABILITY: All affordable at 60 percent AMI.
MHP FINANCING: A $2,425,000 first mortgage and a $450,000 deferred-payment Homefunders second mortgage.
RENTAL INFORMATION: The Caleb Group, 781-595-4665.