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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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.
