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.
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.
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.
