We invest our flexible loan capital creatively and intentionally to generate opportunities for people with low incomes and remove systemic barriers to help them thrive.
North Shore Community Development Coalition has a robust pipeline of affordable housing projects in development which, when completed, will nearly double the organization’s real estate portfolio. The streamlined predevelopment loan ensured that this important nonprofit, community developer had adequate liquidity to move the projects through the development cycle, efficiently.
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Indigo Block Apartments is the residential component (80 affordable rental units) of a mixed-use redevelopment project at 65 East Cottage Street in Dorchester, which abuts the Uphams Corner station platform on the Fairmount/Indigo Rail Line. Other project components include homeownership units and a commercial space.
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Indigo Block Commercial is the commercial component (21,000 SF) of a mixed-use redevelopment project at 65 East Cottage Street in Dorchester, on a vacant parcel that abuts the Uphams Corner station platform on the Fairmount/Indigo Rail Line. The commercial building is designed to be flex space for commercial or light industrial uses. Other project components include homeownership and rental units.
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Lowell Community Health Center provides high quality, culturally competent, affordable health services to individuals and families who are medically underserved, uninsured, and low-income. With this loan, the Health Center provides new dental and vision services to their patients. It also increased adult health services and consolidated administrative offices into one locale. The health center serves more than 25,000 patients, annually.
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Manufactured home community residents own their homes, but rent the land they occupy, exposing them to rising rents and displacement when land is sold. With ROC USA support, residents of the Wayside Mobile Home Community organized to purchase the community’s land from its owners. This financing preserved affordability for more than 60 homeowners.
44 Gerrish Avenue was an integral part of Chelsea’s Box District revitalization. For decades, an abandoned industrial building covered most of the site. The redevelopment created 46 units, with 42 newly built using modular construction, and 4 units in the existing brick building.
Founded in 1974, the Health Center improves the health and well-being of the communities it serves by providing quality, comprehensive, coordinated care. Its patients are 94% low-income, 80% racial and ethnic minorities, and 53% require translation. In 2012, the Health Center was at its capacity, serving 12,000 patients annually. Its new, expanded Health Center (48,000 SF) increased patient visit capacity and improved patient care.
The redevelopment of Edmands House rehabilitated all of its 190 units and preserved the long-term affordability of 171 of the 190 units. Ninety-eight of the units are restricted to households earning no more than 30% of area median income, 34 at or below 60% of area median income, 39 at or below 80%, and 19 are unrestricted.
WBDC purchased the vacated Telegram & Gazette buildings for the purpose of revitalizing a key property in Worcester’s Central Business District. Financing supported the renovation of this historic property to house Quinsigamond Community College’s Allied Health and Training and Education Center.
This loan provided for the acquisition of two parcels of land totaling 1.23 acres on North Main Street in Brockton, and the development of the first phase of a two-phase project. Phase 1, known as Montello Welcome Home, created 22 new housing units for high priority families and individuals experiencing homelessness, 10 veterans, 10 individuals and 2 families.
Parcel 24 was a 1.5-acre vacant site in Boston’s Chinatown across from The Rose Kennedy Greenway. Project sponsors constructed a 10-story, 95-unit affordable housing development with 4,800 SF of first floor commercial space.
Smith House is a twelve-story, high-rise, elderly-housing building with 100% of the 132 one-bedroom units occupied by low and moderate-income households. This loan repaid existing debt and financed preventative maintenance while Madison Park prepared its plan to undertake a comprehensive renovation of the 40+ year-old building, extending its life as an affordable elderly housing development.
Dating back to the 1870s, 35-37 Medford Street holds historic significance for its role in Somerville’s meatpacking industry. The property originally served as horse stables and office space for a meatpacking company. It is now fully converted to 50,000 SF of office space. Financing allowed btcRE to acquire and upgrade the building to increase tenant occupancy.
Great Cove is a deeply affordable, 10-unit rental development built on land owned by the Mashpee Housing Authority (MHA). The five duplexes are all affordable to households earning 50% of area median income (AMI) or less, with 25% of the units targeted to households earning 30% of AMI or less, including one Community Based Housing Program (CBHP) unit for people with disabilities.
LBB Housing is a 103-unit scattered site affordable housing development located in Dorchester and Mattapan. Financing supported the rehabilitation of this important affordable housing asset.
Father Bill’s & MainSpring’s mission is to help people obtain a home by giving them temporary shelter and food, finding safe and affordable housing, and providing permanent housing with supportive services. PCI supported Father Bill’s purchase of 28 Lexington Street in Brockton, a building containing three, 3-bedroom units of low-income housing. Father Bill’s & MainSpring uses the three-family to house its clients.
In the 1970s, the Piper family developed a manufactured home community in Carver, and in 2011 offered the site, Pine Tree Village, for sale. With the assistance of ROC USA, the Pine Tree Village Resident Association purchased their community (186 home sites on 54 acres), securing the long-term affordability of the park.
245 River Street was originally constructed for the purpose of producing yarn at Orswell Mills in the late 1800s. The renovated mill contains 180 residential units and 16,000 SF of commercial space. In the first development phase, 105 residential units were created, 27 of which are affordable.
Station Lofts is the adaptive reuse of The Knight Building, which was originally constructed in the late 1800s to manufacture quality men’s boots and shoes. Capstone Communities converted the historic building into 25 apartments, 14 affordable and 11 market rate. Station Lofts is in the heart of Brockton’s downtown area, and one block from the MBTA Commuter Rail Station.
McCarthy Village II is a 12-unit development sponsored by the Acton Housing Authority on a 2.5-acre site adjacent to the existing McCarthy Village development. This project created housing for extremely low-income households. Six units are dedicated to households with incomes below 30% of area median income. Three of these units are dedicated to families without housing coming directly from shelters.
City View Commons II is the second phase of a 377-unit, three-phase rehabilitation project undertaken by First Resource. Phase II improved 144 units in nine buildings. PCI is participating with MHIC on this financing.
Clay Pond Cove is Phase II of a three-phase development located on a 17-acre site in Bourne. Phase II included the new construction of a 3-story, elevatored building creating 45 units of affordable rental housing at 60% AMI. PCl is participating with MHIC on this project.
Sturgis Charter Public School is a successful charter high school in Hyannis that opened its doors in 1998. The school built a new facility to increase enrollment from 405 to a maximum enrollment of 800, for grades 9-12.
Sudbury Duplexes is an 11-unit family development sponsored by the Sudbury Housing Authority. The project consists of five newly constructed duplex buildings and an existing single-family house. Each unit has two bedrooms, and each duplex has onsite parking. This project created 10 affordable homes.
City View Commons I is the first phase of a 377-unit, three phase rehabilitation project undertaken by First Resource Development Company. Phase I renovated 152 affordable units in four buildings adjacent to or across the street from each other. PCI is participating with MHIC on this project.
D'Ambrosia purchased land formerly belonging to Fort Devens and constructed an 81,000 SF commercial property. Its tenants include MagneMotion and Webster Veterinary Supply, both of which created new businesses and new jobs in Devens.
Mayhew Court is an affordable, 12-unit development sponsored by the Hopkinton Housing Authority. The units consist of seven two-bedroom units and five three-bedroom apartments. One unit is handicap accessible. The development is adjacent to the Hopkinton Senior Center and near the Hopkinton Housing Authority's administrative offices.
New ownership of this Outer Cape lodging establishment rejuvenated the 139- room inn and its 4.5-acre outdoor space, and re-established food and beverage service to take advantage of their indoor and outdoor eating and drinking areas.
The Presentation School Foundation (PSF) acquired and redeveloped the former Our Lady of the Presentation School into educational and office space that serves the Allston-Brighton community. Anchor tenants include St. Elizabeth's Medical Center and the Little Sprouts daycare center.
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The Totten Pond Shell station is a locally owned three-island gas station with three auto repair service bays and a convenience store
United Front Homes is a 173-unit affordable family project in New Bedford. It was originally built on the super-block model - isolated from its community with buildings that face inward. Preservation of Affordable Housing, Inc. redeveloped this property, rehabilitating and reconfiguring it so that it is re-integrated with the community.
Whittier Street Health Center (WSHC) is a nonprofit community health center founded in 1932 and located in the Roxbury neighborhood of Boston. The health center outgrew its leased 30,000 SF clinical facility and constructed a 78,000 SF state-of-the-art health center.
75 Amory Street is part of a former brewery complex comprised of five inter-connected buildings which date back to the late 1800s. The property sits on 2.7 acres of land within eyesight of the Jackson Square MBTA station. Mordechai Levin and a partner purchased the 118,000 square foot complex in 2001 and was built out for non-profit program and office space.
The multi-phase development of the Box District in Chelsea is a partnership between the City, The Neighborhood Developers and Mitchell Properties to develop mixed-income rental and ownership housing. Mitchell Properties converted Atlas Lofts from a warehouse building into 53 loft style rental units.
Beverly School for the Deaf is a not-for-profit, private day school and, established in 1876, is one of the oldest schools for people with hearing loss in the United States. In response to growing enrollment, the organization built a new school to expand the number of children served.
William B. Rice Eventide purchased a 9.5-acre parcel at the former Weymouth Naval Air Station and developed a 46-bed skilled nursing home facility plus 192 units of independent living apartments. Approximately 65% of the nursing home residents are low-income and 30% of the apartments are affordable to low and moderate-income seniors.
Father Bill's & MainSpring (FBMS) acquired a property at 111-113 Fort Hill Street in Hingham and constructed a new building that provides 6 affordable, permanent supportive housing units for veterans. Services provided to residents include access to healthcare, behavioral health care, substance abuse counseling, case management, life skills and vocational services, through FBMS and a network of collaborating service providers.
Jamaica Plain Apartments is an invaluable community resource with its 103 family-sized affordable rental units in 11 buildings scattered across Jamaica Plain, Roxbury and Dorchester. Urban Edge’s $17 million rehabilitation program for the property improved the residents' quality of life, preserved the units' affordability, and stabilized the property.
Premium Power Corporation is a privately held company that develops, manufactures, and services low cost, point-of-service-batteries.
The Boston Conservatory (TBC) serves Boston as a professional training academy and community music school. It enrolls 679 full-time students, of whom 526 are undergraduates and 153 are graduates in the fields of music, theatre, and dance. TBC built a new comprehensive performing arts center with three new studios for dance and theater, a new orchestra rehearsal hall, and a fully renovated theater.
Alpha Xi Delta was founded in 1893 and as a membership organization dedicated to the personal growth of women. Worcester Polytechnic Institute invited Alpha Xi onto its campus in 2006. Alpha Xi Delta acquired and renovated a single-family house that provides student housing for eleven women.
The Jamaica Plain Neighborhood Development Corporation (JPNDC) constructed a mixed-use building on Centre Street near Jackson Square. A robust community planning process drove the development program, resulting in 30 affordable rental units on the top three floors and community serving retail (5,700 SF) on the first floor. Three of the residential units serve clients of the Department of Mental Health who receive supportive services from Vinfen.
Cornerstone Properties constructed a 100% affordable rental housing development on 10 acres of land in Wareham. The project created 11 buildings with 49 rental units affordable to households earning less than 60 percent of the area median income. Five units serve households at or below 30 percent of median income.
Father Bill’s & MainSpring constructed a 32-unlt project ("Work Express Housing") on a vacant parcel adjacent to its Mainspring House on Spring Street in Brockton. The three-story building has 13,770 SF of rentable space on the ground floor, and the upper floors include 15 transitional units for homeless veterans, 16 permanent supportive housing units for chronically homeless individuals, and 1 unit for a resident manager.
Two co-housing groups combined to purchase 65 acres on Sawyer Hill Road in Berlin on which they developed 68 homeownership units, 17 of which were affordable.
The 447 Concord Road development was a Town of Bedford sponsored affordable housing initiative on Town-owned land. The project created 14 townhouses affordable to households earning less than 80% of the area median income.
Liberty Hill Apartments is a federally subsidized 88-unit affordable rental housing development. Better Homes, Inc., the management company for the development, purchased the property and rehabilitated the interior and exterior of the buildings. The project includes 6 two-story wood frame buildings on two sites totaling 4.7 acres. Each unit has its own yard and patio.
Streetwear, Inc. is a successful apparel business established in 1995 with a niche in active sportswear, especially tee shirts, sweatshirts, and graphics.
The Western Massachusetts Enterprise Fund, Inc. (WMEF) is a certified community development financial institution serving small and micro businesses in the urban and rural communities of western Massachusetts.
360KID is an award-winning kids digital media developer. It specializes in bringing products from their earliest conception to final completion. Over the last two decades they have created interactive experiences to players large and small in the kids industry, such as Sesame Workshop and PBS Kids.
Source Code Corporation (SCC) was founded in 1992 with a basic concept of delivering leading-edge computer products and services at a competitive price in a timely fashion. SCC specializes in providing computer hardware and software solutions to users in the education, healthcare, retail, government and manufacturing industries.
B'nai B'rith Housing acquired a twelve unit building and an adjacent vacant parcel totaling approximately 1.5 acres to deliver a 57 unit mixed-income homeownership project. Fifteen of the 57 condominiums units were affordable to households earning no more than 80 percent of the area median income.
Common Ground Development Corporation (CGDC) developed two duplexes on land formerly owned by the City of Lowell. These homeownership units were sold to low- and moderate-income households. CGDC used its Youth Build program to assist in the construction.
BNN (Boston's local cable network), renovated the former MBTA Power Substation in the heart of Egleston Square, creating 8,620 SF on two floors plus a basement, for studio and other spaces specially designed for television production. By consolidating its operations in one location, BNN expanded its youth programs, enhanced its public presence, provided one-stop production services, produced more content for its channels, and diversified its revenue sources by producing more shows for hire.
The Bank of America Community Development Corporation (BACDC) purchased the historic Hamilton Manufacturing Company textile mills and created 236 residential units and 22,000 SF of commercial space in the Hamilton Canal District of Lowell. The project is in the City of Lowell's Jackson Appleton Middlesex Urban Revitalization and Development Area (JAM Area).
Urban Edge Housing Corporation (UE) acquired from the MBTA a parcel of vacant land adjacent to property already owned by Urban Edge on Hyde Park Avenue in Roslindale. Urban Edge constructed 13 new affordable, homeownership units on the combined site.
A well-established pediatric dentist purchased the commercial building in which her practice was located.
The Massachusetts Housing Investment Corporation (MHIC) was founded in 1990 by a consortium of banks and other corporate investors to fill a critical gap in meeting the credit needs of affordable housing, economic and community development projects. The federal New Markets Tax Credit Program provided an investment vehicle for MHIC to support economic development projects.
The Scituate Racquet & Fitness Club first opened in 1978 in Scituate. In 2006, the owners opened a second facility in Plymouth.
BELL (Building Educated Leaders for Life) was founded in 1992 by a group of Black and Latino students at Harvard Law School as a small tutoring program in Boston. BELL grew and evolved into the largest evidence-based summer learning provider in the U.S. and a national leader in PK-8 out-of-school time education.
The Crombie Street United Church of Christ in Salem has long operated a soup kitchen, a homeless shelter and a thrift shop. The acquisition of the St Mary’s Church complex from the Archdiocese of Boston allowed them to expand their services substantially to include life skills, vocational training in food services and transitional housing.
PCI participated in MassHousing’s construction loan for a proposed 99-unit homeownership development.
Villages at Stow is a 96-unit development on 36 acres. 60 units are single-family detached homes and 36 are townhouse style condominiums. 24 units are affordable for low- and moderate-income households (incomes no higher than 80% of the area median) and six units are affordable to households with incomes no greater than 120% of area median-income.
Oaktree acquired an underutilized and deteriorating building and replaced it with a 20-unit condominium development. Two of the units are affordable to households with incomes at or below 80 percent of the area median income.
WATCH, a nonprofit affordable housing developer in Waltham, purchased 509-517 Moody Street in downtown Waltham. WATCH relocated its offices to one of ground floor units. There are two additional commercial tenants on the first floor, and seven affordable rental units on the second floor.
ArtBlock is a newly constructed condominium development in Boston's South End near the Boston Medical Center. 54 units were constructed in two buildings with an existing art center in between. Many of the units are lofts for artists and one of the buildings has a gallery space on the first floor. 26 units out of 54 total units were affordable.
The Chelsea Neighborhood Housing Services partnered with Mitchell Properties to purchase the Atlas Mattress Factory and develop 117 units of mixed income homeownership and rental housing in the Box District in Chelsea.
As part of the Boston Archdiocese's sale of church property, the Blessed Sacrament Church Campus on Centre Street was offered for sale. The Jamaica Plain Neighborhood Development Corporation in partnership with the New Atlantic Development Corporation purchased the properties (the church, two school buildings, a rectory, and a convent). The campus was redeveloped with a mix of affordable and unrestricted homeownership and rental housing units. PCI participated with BlueHub Loan Fund on this transaction.
High Point Treatment Center is a non-profit offering a comprehensive range of behavioral health services. High Point purchased a former nursing home and relocated its treatment programs to better serve their clients.
In 1920 Elizabeth Joyce, one of America's first female entrepreneurs, founded Joyce Letter Shop to provide typing and clerical services to the local banking and investment communities. Today, the company offers mailing, printing and digital communication services.
Makeovers was established in 1987 with a small salon occupying 1,700 SF in Milton. To accommodate additional growth, the owners leased and built-out a 9,000 SF unit in a strip mall in South Easton.
New England Home Therapies was established in 2000 to offer infusion and respiratory therapy, disease management consulting services, durable medical equipment, and other home healthcare services, such as nutritional consultation.
Praise & Glory Church of God in Christ, Inc. purchased an abandoned 8-story historic building in downtown Springfield. This transaction allowed the church to expand its ministry and commitment to serving the community including the Hebron Food Bank that serves approximately 300 families per week.
Tenants Development Corporation, Inc. purchased and renovated 185 apartments in 36 brick and wood frame buildings in the South End Neighborhood.
The Visiting Nurse Assisted Living, Inc. (VNALI) developed a 99-unit affordable assisted living facility on the site of a closed Somerville school. The Somerville Housing Authority (SHA) elderly housing project sits adjacent to the new facility and VNALI collaborates with SHA in providing services for both facilities.
The Bartlett School is a private, nonprofit school serving students in pre-kindergarten through grade eight.
Equal Exchange is a for-profit, Fairtrade worker-owned cooperative headquartered in West Bridgewater. Equal Exchange distributes organic, gourmet coffee, tea, sugar, bananas, avocados, cocoa, and chocolate bars produced by farmer cooperatives in Latin America, Africa, and Asia.
The Friends of the Credit Union Inc. (The Friends) was established in 1990 to develop properties in the neighborhoods surrounding the institution to provide services to benefit members of the credit union.
Global Composite Solutions, Inc. was founded in 1890 as a supplier of rubberized gaskets and sheet rubber products. Since that time the company has become one of the leading developers of specialty non-metallic products and materials for the commercial, industrial, military and marine markets. It operates out of a 30,000 SF manufacturing and development facility in Rockland.
The Long-Glen Apartments development consists of 96 affordable, renovated rental units in two buildings, 48-52 Glenville Avenue and 114-118 Glenville Avenue/10 Long Avenue.
The Massachusetts Housing Investment Corporation (MHIC) was founded in 1990 by a consortium of banks and corporate investors to fill a critical gap in meeting the credit needs of affordable housing, economic and community development projects. The federal New Markets Tax Credit Program provided an investment vehicle for MHIC to support economic development projects.
The Martin Luther King, Jr. Business Empowerment Center Inc. works with entrepreneurs to research, prepare, and test their business plans and provides training programs to hone critical skills. With the acquisition and renovation of the former New England Envelope Company warehouse on Chandler Street in Worcester, the Center increased its capacity to incubate small businesses.
Founded in 1991, Materials Systems Inc. (MSI) develops and manufactures advanced materials and custom components for defense and commercial systems customers.
SEED Ventures, LP was established by the Southeastern Economic Development Corporation, (SEED) to improve the economic well-being of residents by providing equity and mezzanine debt to small businesses located in low-income communities in Southeastern Massachusetts.
Jewish Community Housing for the Elderly (JCHE) owns and manages hundreds of units of nonsectarian elderly housing in the Boston Metro area that include a range of supportive programs and services. JCHE purchased nine acres of land in Framingham and developed 150 affordable elderly housing units.
The Brockton Coalition for the Homeless purchased and renovated a facility that provides transitional housing for 17 formerly homeless families. The Coalition provides onsite educational and life-skills services.
Adams Court is a renovated 99-unit complex consisting of five, four-story, brick apartment buildings. One hundred percent of the units are affordable to low-and moderate-income households earning less than 80% of area median income. Residents can walk to nearby Mattapan Square with its shopping center and T station.
Art Plus Technology (APT) is a Boston-based, woman-owned company that specializes in software for the financial, insurance, telecommunications, and utility industries.
Canaan Baptist Church of Christ was started in 1990 with a congregation of 15 charter members and has grown active membership significantly. The church built an addition to provide space for social service programs and after school programs for children.
Contract Glass manufactures insulated glass windows, patio doors, shower doors, tabletops, and custom mirrors primarily on a wholesale basis to housing management companies, housing authorities, and glass shops.
Highland Homes is a newly constructed eighteen-unit condominium development in the Fort Hill section of Roxbury. The units are in eight buildings ranging from 1 to 4 units per building. Fourteen units are family sized with three bedrooms. Eleven of the eighteen units provide affordable homeownership opportunities in one of Boston's oldest neighborhoods.
Home Market Foods (HMF) processes cooked beef, pork and chicken products. It sells to a variety of national and regional customers, including fast food restaurants, convenience stores, discount stores, supermarkets and food service providers throughout North America. HMF consolidated their operations in to a new, larger facility in Norwood to expand operations and staff.
Ice Pond Lane is a single-family housing subdivision with 26 new homes developed as part of the adaptive reuse of the 124-acre former site of the Northampton State Hospital, which closed in 1993. Six homes are reserved for low- and moderate-income households.
The Keystone Montessori School was founded in 1998 and is a women owned business that began with one preschool class of 20 children, leasing two rooms in the restored Bainbridge wool mill in North Chelmsford. Keystone added one to two classes per year and increased enrollment to more than 100, serving children from the age of 3 months to 12 years old.
Life Resources, Inc. (Life) contracts with the Department of Youth Services (DYS), the Department of Social Services (DSS) and private health care organizations to provide residential treatment, educational programs and community outreach to more than 2,500 children and adolescents annually. They operate five residential treatment programs and a community outreach center.
The Mayo Group purchase two attached three-story brick buildings in Lynn's central business district. The commercial buildings are occupied by six tenants. The Mayo Group made repairs to the façade, enhancing the aesthetics of Lynn's downtown, contributing to its revitalization.
House of Hope, Inc. owns and operates an emergency shelter for 18 homeless families. They provide supportive services including a substance abuse recovery program, an on-site health clinic and case management services. House of Hope identified the lack of affordable housing as a key obstacle to homeless families and purchased vacant land next to its existing shelter, on which they built a new 11-unit facility, including 10 affordable rental units for the formerly homeless and one unit for a resident manager.
The Housing Land Trust for Cape Cod (HLTCC), a non-profit organization, purchased a 0.81-acre property in Provincetown for the construction of 6 units of affordable rental housing. Community Housing Resources, Inc. (CHR) developed and manages this six-unit project that is 100 percent affordable to households at 50 percent of area median income.
Radant Technologies designs and manufactures radomes, antennas and composite structures in its 72,000 SF facility in Stow. Radomes are transparent protective coverings that are installed over microwave antennas to protect them from the elements while allowing signal transmission and reception.
Source Code Corporation (SCC) provides computer hardware and software solutions to their clients in the education, healthcare, retail, government and manufacturing industries.
The Urban League of Springfield serves minority communities in Greater Springfield, providing programs in education, employment, housing and urban affairs, social welfare, and citizenship education. The Urban League purchased a building for its program operations.
The YWCA of Western Massachusetts built a new campus to address the immediate needs of survivors of domestic violence and their children. The campus was constructed on a 7-acre site in the East Forest Park section of Springfield and includes a 48-bed shelter, transitional housing, day care facilities, Kindergarten - 4th grade classrooms, meeting, and office space.
The Community Builders (TCB) substantially rehabilitated 7 buildings with 27 units of affordable housing. The apartments are rented to families and individuals with incomes at or below 60 percent of the area median income.
Urban Edge began the Egleston Crossing project with the purchase of the adjacent properties located at 3033 and 3089 Washington Street. The two properties were developed into 64 new units of affordable rental housing and 9,000 SF of retail space.
