The Community Builders (TCB)
Loan Approved: July 3, 2018
MHP committed to a $6.3 million permanent first mortgage loan to The Community Builders (TCB) for the preservation of Fruit Sever Apartments, a 132 unit mixed-income apartment community.
TYPE: Preservation.
WHERE: 6, 8, 10, 11, and 12 Sever Street, Worcester.
WHAT: The acquisition and preservation of a 132-unit mixed-income apartment community.
AFFORDABILITY: At least 54 of the units will be affordable to residents earning at or below 60 percent of the area median income (AMI).
MHP FINANCING: A permanent first mortgage loan of $6.3 million.