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.Read more about this project
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.Read more about this project
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.Read more about this project
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.Read more about this project
Caritas purchased an existing 17-unit lodging house in Quincy, preserving the affordability of these units for residents with extremely low incomes. In addition to improving the quality of the units and the common space, Caritas will provide services to residents, including help with medical insurance, food benefits, employment and rental assistance.
East Boston Community Development Corporation purchased a 36-building scattered-site apartment portfolio from a private seller in East Boston. With significant support from public and private funders, this portfolio of 114 units is affordable to low- and moderate renters, helping to combat the housing crisis and displacement in this neighborhood. An innovative ownership model gives the community an ongoing stake in the portfolio of properties.
In the second phase of the adaptive reuse of the Knox Automobile Company complex, First Resource is creating 41 new affordable units, which, together with the 55 new affordable units in Phase I resulted in a community of 96 total units in the renovated factory buildings in the Mason Square neighborhood in Springfield.
Brockton Housing Resource Center includes 128 shelter beds, an on-site health clinic, an expanded 24/7 homeless service center, and 32 studio apartments for formerly homeless individuals at or below 30% of median income. The Resource Center will transform the way Father Bill’s & MainSpring serves Brockton area individuals at risk of or experiencing homelessness by emphasizing comprehensive, collaborative services as a first response.
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.
A largely vacant, historic building on Main Street in downtown Brockton will be rehabilitated into 35 residential units and 8,000 SF of commercial space, with parking in a rear parcel. This project is closely aligned with the City of Brockton’s vision for a vital downtown district - mixed-income housing on the upper floors and retail on the ground floor.
The Bryant Hotel is an historic hotel located in the heart of downtown Brockton. Steven Young purchased and is operating the property as a hotel while he advances planning for the redevelopment of the property as a 40-unit market rate rental property. This project supports the City of Brockton’s strategy to expand the supply of market-rate housing options, downtown.
ARX Urban acquired a property at 85-89 & 93 Central Street in Waltham and planned to redevelop the building into 40 units of mixed-income residential, with 25% affordability. The property is located in the heart of Waltham’s “Moody & Main” district, with excellent access to public transportation, a walking and bike trail along the Charles River, retail, restaurants and entertainment venues.
In the first phase of the adaptive reuse of the Knox Automobile Company complex, First Resource created 55 new affordable units, which, together with the 41 new affordable units in Phase II, resulted in a community of 96 total units in renovated buildings in the Mason Square neighborhood in Springfield.
Nubian Ascends Partners plan to convert the Blair parking lot, in the heart of the Nubian Square neighborhood in Roxbury, into a vibrant center of community interaction, artistic and cultural activity, culinary marketplace and restaurant, culinary training, life science training center, affordable artist condos, and artist studio and collaboration spaces. It will also create a 300-space parking garage.
Father Bill’s & MainSpring is developing a new model of emergency shelter, permanent supportive housing, and services for unhoused individuals in Quincy. The focus is on preventing individuals from becoming homeless, diverting individuals to housing or treatment, and rehousing individuals, rapidly. The new multi-use Resource Center includes a day center offering a wide array of resident resources, including a health clinic, a new emergency shelter facility, a
Two non-profit developers teamed up to create 49 units of affordable rental housing in five townhouse style buildings in the town’s Smart Growth Overlay District (40R district) which was created in 2017 to increase density to create more affordable housing. All units are restricted to households at or below 60% of AMI, with 30% of the units restricted at 30% of AMI. Four of the units are handicap accessible.
Dakota’s Woodland Cove project, comprising 150 mixed-income apartments, is being built in three phases to Passive House energy efficiency standards. The project is 100% affordable at 30%, 60% and 100% of AMI.
Woodland Cove is a 150 mixed-income rental development being constructed in several phases. In all, the site includes 5 three-to-four-story elevator buildings. Phase III consists of the new construction of 24 affordable units in a three-story elevator building.
Berkshire Housing Development Corporation (BHDC) built 41 affordable, rental homes on a town-owned parcel. The project provides 11 units targeted to families and individuals at or below 30% of the Area Median Income (AMI) and the remaining 30 units target families and individuals at or below 60% of the AMI.
The Residences at Kelley’s Corner created 31 units of affordable rental housing for seniors and persons with disabilities. The new 3-story building at 446 Massachusetts Avenue in Acton offers walkable access to a supermarket, banks, retail stores and other services. Amenities include laundry, tenant storage spaces, common sitting rooms on each floor, as well as a three-season porch and outside seating.
Concord Square Development purchased 28 Petronelli Way from the City of Brockton to redevelop this historic, four-story 23,040 SF building in the downtown district into 18 market-rate rental homes. The development will honor the past use of the building as a boxing gym, where middleweight champion Marvelous Marvin Hagler trained.
The City of Boston’s Acquisition Opportunity Program (“AOP”) effectively prevents displacement by increasing the share of Boston’s rental housing stock that is protected from market forces. Using this program, Southwest Boston CDC acquired up to 30-units of market-rate rental housing in Hyde Park between 2019 and 2021, and subsequently restricted them to households earning 60% - 100% of AMI.
The Menkiti Group, a 100% minority-owned development company, acquired the former home of Performing Arts School of Worcester, and redeveloped it into a 24-unit rental apartment building in the heart of the Theater District of Worcester.
New construction of 48 units of affordable rental housing at two locations in Arlington. Sixteen units target extremely low-income households earning up to 30% of AMI, and 32 units target households earning up to 60% of AMI. The development also creates ground floor commercial/retail space to re-house a food pantry currently operating on the Broadway site.
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.
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.
Mason Square Apartments II is an adaptive re-use of two, vacant historic buildings into 60 affordable apartments. The buildings had been vacant for over 50 years and represent the final redevelopment piece of a city landmark -- the former Indian Motorcycle manufacturing mill complex which was in operation through the 1950s.
Rees-Larkin renovated two vacant buildings and newly constructed a third building in the recently formed Moran Square Historic District in Fitchburg. After renovation, the existing buildings included 16 residential units and 1st floor commercial space, and the infill construction of a new 5-story residential building with 28 residential units.
Sunny Aroustamian is an experienced owner and operator of various automotive businesses including car washes, and a used car dealership, all located in Brockton, MA. PCI helped Sunny acquire Brockton Touchless, Inc. by providing financing to bridge an SBA 504 bond.
Kamran Zahedi, the principal at Urbanica, developed 90 Antwerp Street, a site formerly owned by Harvard University, into 20 for-sale homes. The design included partially interconnected buildings and publicly accessible open space. Eight units were sold to market buyers, and 12 units were sold to workforce buyers earning 80%-100% of AMI.
ARX Urban’s development at 233 Hancock Street in Dorchester replaced an auto repair shop with a five-story, mixed-income, mixed-use development containing 15 market rate units, 21 affordable units and ground-floor commercial space. The 21 rental units are affordable to households earning between 80% and 100% of median area income.
A mixed-use building at a transit-oriented site in Reading’s 40R District. Fifty-five residential units were created, with 14 units affordable for households earning up to 80% of area median income. Approximately 3,000 SF of first-floor retail space was also created. The property is within a five-minute walk to Reading’s commuter rail station.
The City of Brockton identified 93 Centre Street as a catalytic project for revitalizing downtown Brockton. Concord Square acquired the building from the Brockton Redevelopment Authority after its acquisition by means of eminent domain. The building was redeveloped into 45 rental apartments and first floor and basement commercial space. 20% of the units are affordable to people earning 80% of the area median income, and 36 are market-rate units.
Community Servings’ new 33,716 SF building supports its ability to serve 875,000 made-from- scratch and medically tailored meals to 4,000 critically ill individuals and their families, connect clients with Registered Dietitian Nutritionists to develop individualized nutrition care plans, and operate the Teaching Kitchen - a 12-week, job-training program for people interested in careers in the food service industry who face barriers to full-time employment.
Way Finders is the largest not-for-profit housing provider in western Massachusetts, impacting more than 25,000 men, women, and children, annually. They purchased the former Peter Pan Bus Station at 1780 Main Street in Springfield to create a 35,000 SF building to house a new integrated Housing Center which will consolidate and optimize services.
Father Bill’s & Mainspring is the largest provider of services to the homeless in southeast Massachusetts. This loan supported Father Bill’s to make capital improvements to its scattered-site portfolio of 20 affordable housing properties across southeastern Massachusetts.
The principals of Redline Hockey purchased the skating rinks at the Canton Sportsplex facility and the Boston Jr. Terriers hockey organization.
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.
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.
Traggorth Companies acquired this vacant property on the main street in the downtown area of Haverhill. The property was converted from 100% commercial use to 24 residential units and one commercial space on the ground floor. The City of Haverhill has strongly endorsed the project.
btcRE is a niche real estate investment firm targeting the redevelopment of complicated, underutilized, mid-sized commercial real estate assets in the peripheral markets of Boston. This loan financed the acquisition of 179-202 Bear Hill Road and 283-293 Second Avenue, Waltham, and financed tenant improvements and value-added capital improvements to 283-293 Second Avenue.
Housing Corporation of Arlington (HCA) acquired two parcels of land totaling 38,000+ SF in Arlington, on which HCA constructed 27 new units of affordable housing in two buildings. The Downing Square development created 9 units for formerly homeless households earning below 30% of AMI and 18 units for households earning at or below 60% of AMI.
This loan financed the gut rehabilitation of Ellis Memorial’s 11,000 SF building located at 66 Berkeley Street, Boston. The project allowed Ellis Memorial to expand and improve its early education and after-school services for low-income families. Founded in 1885 as one of Boston's earliest settlement houses, they provide high quality early education and care for infants, toddlers and preschool children, out-of-school time programs for youth in grades K-7 at sites in the South End and Roxbury, and an adult day health program for disabled or elderly adults.
Beacon Communities acquired the Highland Glen project to preserve and improve 179 units of elderly and disabled rental housing. Beacon planned to completely rehabilitate the units with a combination of Federal and State subsidy.
Nuestra constructed 16 condominiums, 8 of which are affordable to households earning up to 100% of area median income (“AMI”) and 8 that are affordable to households earning up to 80% of AMI.
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.
At the time, MACOM was the largest manufacturer in Lowell and needed to expand to achieve improved efficiency and greater research and production capacity. As a result of this transaction, MACOM Technology Solutions achieved improvements to its existing 150,000 SF R&D and manufacturing facility, and the construction of a new 58,000 SF headquarters building. Macon expected to expand its full-time employees from 373 to 650.
The loan proceeds refinanced a bank mortgage on a 2-acre parcel of land located in Walpole, MA. The land is used to accept sod, tree debris, and other (non-construction) materials removed by an affiliate from construction projects, and then convert material to saleable products including mulch and firewood. Funds both refinanced facilities and provided financing for business expansion.
This was a participation in a bank loan that provided financing for the redevelopment of 150 Blackstone River Road, Worcester into a 615,678 SF warehouse/distribution center. The three companies that will lease the facility project aimed to create 300 jobs for the city of Worcester.
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.
Financing supported the preservation of and the increase in affordable units at this 204-unit, mixed-income rental development, in Amherst.
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.
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.