Sponsor: Common Ground Development Corp.
Loan Approved: December 23, 2004
MHP provided over $2.1 million in financing to help Common Ground Development Corp. construct 15 affordable rental units for families in Westford.
TYPE: New constuction
WHERE: 3,5 and 7 Farmer Way, Westford.
WHAT: The new construction of 15 affordable apartments on town-owned land.
AFFORDABILITY: All affordable at 60 percent AMI.
MHP FINANCING: A $1,395,080 first mortgage and a $750,000 deferred payment second mortgage.
ADDITIONAL SUPPORT: MHP provided pre-development technical assistance through the Suburban Rental Pilot Program for small-scale development.
RENTAL INFORMATION: Peabody Properties, Inc., 781-794-1000.
REFINANCE: This project was refinanced in 2017 with a $1.722 million FHA Risk Share loan.