Chelsea Homes 1
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With this project, CND completed moderate rehabilitation and modernization of 86 rental units in our existing portfolio. The 16 Chelsea Homes I properties were originally acquired by CND between 1991 and 2004 are scattered throughout the Shurtleff/Bellingham neighborhood in two-family to twelve-units buildings. In 2006, CND completed a refinancing that combined all properties under a single ownership, and provided financing to complete $3million in capital improvements and project reserves. Streamlining the financing of these properties resulted in improved efficiencies and allowed CND to hire a professional third-party property management firm that continues to manage CND’s portfolio today.
| Date Completed |
2006 |
| Total Development Cost |
$13.3 million |
| Construction Type |
Moderate Rehab |
| No. of Units |
86 |
| Affordability |
NA |
Funding Sources
| Tax Exempt Bonds: |
MATCH Program through MassDevelopment and Massachusetts Housing Partnership |
| Equity Investor: |
MMA Financial |
| Soft Debt: |
Homefunders |
| |
Massachusetts Housing Partnership |
| |
MA Dept. of Housing & Community Development |
| |
HOME Program |
| |
Housing Development Support Program |
| |
Housing Stabilization Fund |
| |
North Suburban Consortium HOME |
| |
City of Chelsea Deleading Program |
| |
NeighborWorks America |
| Capital Improvements Architect: |
H+J Step One, Natick MA |
| Capital Improvements Contractor: |
Legacy Builders, Quincy MA |
