Sponsor: Neighborhood of Affordable Housing, Inc.
Loan Approved: December 17, 2009
MHP committed over $1.4 million to help Neighborhood of Affordable Housing, Inc. finance 42 units in North Andover.
TYPE: Adaptive reuse.
WHERE: 75 Park Street, North Andover.
WHAT: The adaptive reuse of a former nursing home into 42 units of rental housing.
AFFORDABILITY: All units will be affordable at 60 percent AMI.
MHP FINANCING: A permanent first mortgage of $1,419,000.
RENTAL INFORMATION: Corcoran Management Company, 978-794-1800.