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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The Ropewalk complex was one of the last undeveloped sites in the Charlestown Navy Yard. The two buildings on the site, the Ropewalk and the Tar House, were the principal structures in the rope manufacturing complex, and have remained vacant since the US Navy shuttered operations in 1974. The project redeveloped these two historic buildings into 97 units of housing, with 20 units affordable to low-income families.
Founded in 1994, Stephanie’s is a woman-owned and operated restaurant in Boston’s Back Bay neighborhood. This loan provided capital for Kathy Trustman and her husband, owners of The MET restaurant group, to purchase the business.
This five-story building in the Mission Hill neighborhood created 29 market-rate units, 4 affordable units and one 1,480 SF corner street-level restaurant/retail space. There are 10 garage parking spaces, and covered storage for 33 bicycles.
Peregrine Group purchased 1943 Dorchester Avenue to redevelop the property into a mixed-use, mixed-income property permitted for 64 residential units and approximately 1,500 SF of ground floor commercial space. Eight units are affordable at 70% of AMI. Residents benefit from access to public transportation, with the Ashmont T station located directly across the street.
This transit-oriented 30,000 SF site lies directly between the Reading Commuter Rail Station and the city’s shopping district along Main Street. The redevelopment plan was to build 55 residential units and 3,000 SF of commercial space. Fourteen of the residential units are restricted to households earning up to 80% of area median income.
PCI provided financing to acquire this property with 32 rental units in 8 buildings in North Quincy. The City identified the property for redevelopment. All units are affordable to households earning 60% to 100% of area median income.
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This loan filled a financing gap for the construction of a new, expanded 68,000 SF school facility on approximately 10 acres of land. BFCCPS is a well-established, high performing, K-6 school with approval to expand the number of students it serves, based on its high performance.
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 II of the Montello Welcome Home project in Brockton, which created 23 units of affordable housing for those experiencing homelessness.
Phasex Corporation is a growing chemistry company. This loan supported the company’s transition to a new, larger and more efficient space. The budget for the move, build-out, and equipment purchases totaled $1.8MM, and this loan bridged an SBA 504 bond in the bank’s financing package.
Sweet Cheeks Restaurant is owned by Workshop Hospitality 1375 Limited Partnership. An investor in the restaurant, with a 51.28% ownership stake, decided to exercise the buy-out clause of the operating agreement. This loan enabled Sweet Cheeks Chef, Tiffani Faison, acquire the majority interest in her business.
