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.
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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Community Economic Development Center (CEDC) is completing a three phase renovation of a historic movie theater in New Bedford’s downtown Transformational Development Initiative District. The property’s renovation will serve to activate a vacant community building on a prominent commercial corridor in an underinvested neighborhood. This phase of the green adaptive reuse initiative will create 6 units of affordable rental housing and 5,200 square feet of ground floor retail / commercial space.
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Victory Programs is acquiring an existing Single Room Occupancy (SRO) property at 16 Williams Street in Brookline, MA. The property was owned by a nonprofit organization serving adults with disabilities, and the City of Brookline selected Victory Programs to ensure the property is preserved as affordable supportive housing. The property will house 10-12 individuals/families in recovery who are being reunited with their children.
Read more about this projectPennrose is developing 48 units of mix-income affordable rental housing on a parcel of land owned by the town of Chatham, on Cape Cod. The 2.9 acres parcel at 1533 Main Street in Chatham was purchased by the Town in 2022 and Pennrose was selected to develop affordable and workforce housing on the site.
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The Hillsboro Live/Work Condominiums project consists of 21 new for-sale residential units in a four-story building. All units will be affordable and a preference for Boston- Certified Artists will apply to 18 of the units. This project is an extension of the effort New Atlantic undertook to preserve the adjacent Humphreys Street Studios buildings – a commercial artist studios property that serves approximately 45 artists and creative small businesses, most of whom are low and moderate-income.
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Egleston Center is a thriving commercial building on Washington Street in the Roxbury neighborhood of Boston, developed by Urban Edge, a community-led nonprofit. Permanent financing allowed Urban Edge to lower their monthly debt service payments, strengthening the project and this important organization.
The J.M. Lofts project was the redevelopment of an historic property located at 37-47 Washington Street in downtown Haverhill. Built in 1882, the property was originally a box- making factory for the city’s shoe industry. The renovation project resulted in 4,050 SF of commercial space and 18 residential apartment units.
The Mullins Company acquired and renovated two-mill buildings in the complex known as Massachusetts Mills. Construction financing allowed The Mullins Company to renovate the final mill in the complex, the former Picker Building into 70 apartments. Of the 70 new units, 81% are affordable – 10% at 30% of AMI and 71% are affordable to households earning up to 60% of area median income.
ARC is one of New England’s largest suppliers of wholesale shellfish seed, producing over 90 percent of shellfish seed (quahog, oysters, scallops, razor clam, etc.) used in Massachusetts. With its new hatchery facility, ARC’s expanded capacity allowed them to produce more shellfish seed, decrease energy expenses, and provide a safer working environment for its employees.
This small loan supported tenant improvements at a 50,000 SF commercial building that was previously supported with acquisition and renovation financing to upgrade the building to attract new commercial tenants.
Mitchell Properties transformed the historic mill buildings at 160 Water Street into a mixed-income development which, when combined with future phases of low-scale new residential construction, will create a new community along the Green River, ¼ mile from the town center. Additionally, the project helped re-supply Williamstown with housing lost to Hurricane Irene in 2011. Phase 1 created 61 units, 12 of which are affordable.
Financing supported the acquisition of five apartment buildings in the Point neighborhood of Salem by a non-profit, community-based developer. The new owner converted 30 unrestricted units to safe and affordable housing.
Father Bill’s & MainSpring, Inc. is the largest provider of services to the homeless in the Southeast region of Massachusetts. This loan provided construction financing for Phase I of a Brockton project that created 22 units of affordable housing for veterans (10), individuals (10) and families (2) experiencing homelessness.
Financing supported the sale of a NAPA-authorized wholesaler and retailer of auto parts and supplies company to its General Manager, upon the retirement of current ownership. The business has store locations in Falmouth, Hyannis, and Orleans.
First Resource completed a substantial rehabilitation of 98 units in 6 buildings, and a gut rehab of a 7th building containing 20 units, for a total of 118 affordable family rental units.
