Sponsor: Common Ground Development Corp.
Loan Approved: March 3, 2008
MHP committed over $2.4 million to help Common Ground Development Corporation refinance 26 units in Lowell.
TYPE: Refinance.
WHERE: 420, 423, 430, and 445 Broadway, Lowell.
WHAT: The acquisition of 17 units and the refinance of nine units at an existing MHP-financed property located at 423 Broadway.
AFFORDABILITY: 14 units will be affordable at 60 percent AMI.
MHP FINANCING: MHP committed $1,805,000 in first mortgage financing and a deferred payment second mortgage of $650,000.
RENTAL INFORMATION: Community Teamwork, Inc., 978-459-0551