Spencer Row

Spencer Row will redevelop the site of a vacant manufacturing building into 32 new construction affordable family apartments.  Spencer Row will provide a neighborhood quality to the street edge, with ground floor units opening directly to the street, and balconies providing private outdoor space.  A modern design ties the development to the area’s emerging character, while responding to the scale of the neighborhood. The building will have a gross floor area of 35,732 square feet, with a parking garage below, and three stories of housing above.  An elevator will enhance accessibility, and a community room will support resident interaction and provision of resident services.  Design, construction methods, and materials all include sustainable and “green” elements.

Construction began December 2009, with completion anticipated for December 2010.

Unit Configuration

The 32 units will comprise a mix of 7 one-bedroom, 18 two-bedroom, and 7 three-bedroom units.  Four (4) units will be rented to households earning up to 30% AMI, an additional four (4) units will serve households up to 50% AMI through the inclusion of Project Based Vouchers, and the remaining units will serve households up to 60% AMI.

Sources of Funds

Equity :  Bank of America

Subordinate Debt:  North Suburban Consortium, DHCD HOME, City of Chelsea, MassHousing Affordable Housing Trust Fund, CEDAC Community Based Housing.

Permanent Financing:  Mass Housing Partnership

Additional Funds:  Chelsea Neighborhood Developers, NeighborWorks America

Construction Loan:  Bank of America

Pre-Development and Acquisition Loan Financing:  CEDAC

Total Project Cost:  $10,182,965

Development Team

Developer	Chelsea Neighborhood Developers
Architect	Icon Architecture, Inc
Contractor	Northeast Interiors, Inc
Engineer	Nitsch Engineering
Engineer	McPhail Associates, Inc
Consultant	Peter Munkenbeck
Consultant	David Koven
Property Manager	Cornu Management
Attorney (Real Estate)	Bartlett Hackett Feinberg PC
Attorney (Tax)	Edwards, Angell, Palmer & Dodge