585–593 Broadway

Chelsea Neighborhood Developers acquired the occupied 24-unit property at 585–593 Broadway in 2000 with a plan to moderately rehabilitate and preserve affordability in the one- and two-bedroom property. Massachusetts Housing Partnership provided a Perm Plus loan that combines a performing first mortgage with a 0% deferred payment second mortgage.

Date Completed: 2003
Total Development Cost: N/A
Construction Type: Moderate rehab
No. of Units: 24
Affordability: 11 units, up to 50% AMI 8 units, up to 60% AMI 5 units, market rate

Owner/ Developer: Chelsea Neighborhood Developers
First & Second Mortgagee: Massachusetts Housing Partnership
Lenders:

• City of Chelsea
  
• North Suburban Consortium HOME Funds
  
• Equity Investor NeighborWorks America
  
• Grant Charles Bank Homes