Sponsor: First Resources Development Company
Loan Approved: March 27, 2012
MHP committed $1.81 million in rental financing to help First Resources Development Company preserve 104 rental units in Springfield.
TYPE: Preservation/renovation.
WHERE: 7 and 11 Niagara St., 4 Niagara St. (includes 15 Saratoga St.), 21 and 25 Oswego St., 31 and 35 Oswego St., 76 Oswego St. (includes 22 Bayonne St.), 95 and 99 Oswego St., 105 Oswego St., 3 Niagara St. (includes 31 Saratoga St.), SS Saratoga St. (includes 37 Saratoga St. and 260-264 Dwight Street Extension), NS Saratoga St. (includes 32-36 Saratoga St. and 256-258 Dwight St. Extension), SS Adams St. (25 Adams St.), and WS Dwight St. Extension (includes 31-33 Adams St. and 232-238 Dwight St. Extension).
WHAT: The substantial renovation of 104 apartments in seven scattered-site buildings.
AFFORDABILITY: All units will be affordable at 60 percent AMI.
MHP FINANCING: A permanent first mortgage of $1.81 million.
RENTAL INFORMATION: First Resource Management Company, 781-659-0025