Boston Metro Region

Chelsea Neighborhood Housing Services

Chelsea    2005

In the spring of 2005 the Atlas Mattress Factory property in Chelsea was put up for sale. The Chelsea Neighborhood Housing Services partnered with Mitchell Properties to purchase the property in order to develop 117 units of mixed income homeownership and rental housing. PCI was able to respond quickly with an acquisition and predevelopment loan that allowed the borrowers to meet the seller’s closing deadline.

The 1.9 acre site will be divided into three parcels with Mitchell Properties acquiring the parcel with an existing mill building that they will convert to market rate loft condominiums.

Chelsea NHS will develop the two other parcels. One will become a 26 unit rental development affordable to households earning 60% or less of the area median income. They will develop the second parcel with townhouse style condominiums for 13 first-time homebuyer households with incomes at or below 80% of the area median income and 11 for households at or below 110% of median. Two additional vacant lots across Library Street from the Atlas Mattress site will be developed with four rental and four homeownership units.

PCI Loan Amount: $2,605,000

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