The Life Initiative 2015 Investments
January 15, 2015
Natural Kitchen / Cindy’s Kitchen
Custom Blends / Cindy’s Kitchen
40 Industrial Blvd.
Brockton, MA
$4,600,000 – Mortgage
Proceeds from this loan will be used to refinance the existing first mortgage debt and provide additional mortgage for the expansion of Custom Blend’s manufacturing facility in Brockton.
Benefit: 50 additional jobs
January 15, 2015
South Middlesex Non-Profit Housing Corporation (SMNPHC)
South Middlesex Non-Profit Housing Corporation
Bixby Road
300 Howard Street
Framingham, MA
Construction Loan – $8,000,000
Provide construction financing for 42 new units of family rental housing and to provide permanent first mortgage financing on these 42 units.
Benefit: 42 units of affordable rental housing.
March 12, 2015
Community Economic Development Assistance Corporation (CEDAC)
CEDAC Statewide
Bridge Loan -$2,000,000
Revolving line of credit to bridge the Commonwealth of Massachusetts commitments to fund affordable housing to be distributed through various bond funds administered by CEDAC.
Benefit: affordable housing
March 12, 2015
New England Center for Homeless Veterans
17 Court Street
Boston, MA
Loan #1: MA State Historic Tax Credit Bridge Loan – $2,604,000
Loan #2: Capital Campaign Bridge Loan – $1,304,000
Two bridge loans – $3,908,000 total
Provide up to a total of $3,908,000 in two bridge loans for the rehabilitation of the historic NECHV which will renovate the existing 59 units of single-resident occupancy (SRO) housing and create 37 units of permanent housing.
Benefit: Renovate 59 units of single-resident occupancy housing and create 37 units of permanent affordable housing.
April 16, 2015
Develop Springfield
1182 Main Street
Springfield, MA
Line of Credit – $500,000
Revolving line of credit to fund renovation of blighted, historic properties in Springfield.
Benefit: Renovate historic properties.
April 16, 2015
Preservation of Affordable Housing, LLC (POAH)
Boston, MA
Mezzanine Loan – $2,407,000
Proceeds from the loan shall be used to provide a Sponsor Loan to assist in the financing of the acquisition and moderate rehabilitation of Briston Arms, a 154 unit family rental housing development in Cambridge, at risk of loss of affordability.
Benefit: Assist in the financing of the acquisition and moderate rehabilitation of a 154 unit family rental housing development.
May 14, 2015
Neighborhood Development Corporation of Jamaica Plain (JPNDC)
Boston, MA
Working Capital Loan Renewal – $500,000
Renewal of a working capital loan to support development of affordable rental and homeownership housing, retail and community space.
Benefit: 149 units of affordable housing
May 14, 2015
South Middlesex Non-Profit Housing Corporation
300 Howard Street
Framingham, MA
Renewal of acquisition line of credit – $2,750,000
Renew TLI’s existing line of credit to enable the borrower to purchase small scale residential properties, for use as housing for young single homeless adults, ex-offenders, and homeless families, providing supportive services for a transitional period.
Benefit: transitional housing and supportive services
May 14, 2015
Pacific Mills
300 Canal Street
Lawrence, MA
Increase in bridge loan from the original $1,000,000, by an additional $405,000
Provide a construction loan to bridge the receipt of equity from an investor in state historic tax credits for the adaptive reuse of a historic mill complex into 81 units of rental housing near downtown Lawrence.
Benefit: 81 units of workforce rental housing
July 16, 2015
The Neighborhood Developers (TND)
Chelsea, MA
Pre-development working capital line of credit- $750,000
Renew TLI’s existing line of credit to enable the borrower to pay for pre-development costs of its multi-family residential projects.
Benefit: 30 units of affordable housing
July 15, 2015
The Community Builders (TCB)
Boston, MA
Working Capital Loan Renewal – $2,500,000
Renewal of predevelopment working capital revolving line of credit to support development of affordable rental and homeownership housing throughout Massachusetts. TCB proposes to use TLI funds for an additional 839 units located in Boston, Greenfield, Holyoke and Belmont as well as to continue using the funds on 451 units currently in development.
Benefit: 839 affordable units located in Boston, Greenfield, Holyoke and Belmont, and to continue using the funds on 451 units currently in development.
September 10, 2015
Harborlight Community Partners, Inc.
Beverly, MA
Working Capital Loan – $500,000
Working capital loan to support development of affordable rental and homeownership housing on the north shore.
Benefit: Support the development of at least 157 affordable units.
September 10, 2015
HAP, Inc.
188 Fuller Street
Ludlow, MA
Acquisition Loan -$337,500
Provide an acquisition loan to enable the borrower to purchase a vacant price of land at 188 Fuller Street, Ludlow. HAP plans to redevelop the site as a multi-family rental housing development.
Benefit: 40 affordable housing units
September 10, 2015
Better Homes
261 Oak Grove Ave
Springfield, MA
Permanent Loan – $259,200
Provide Better Homes, a not for profit affordable housing developer in Springfield, with a permanent loan. This loan will enable Better Homes to purchase a 4800 sq ft commercial property for its own office space.
Benefit: 4800 sq ft in non-profit office space
November 5, 2015
Commonwealth Landing
1082 Davol Street
Fall River, MA
Construction loan to bridge equity from sale of tax credits – $3,500,000
Provide a construction loan to bridge the receipt of equity from an investor in federal and state historic tax credits for the gut renovation of a historic mill complex into 103 units of rental housing in Fall River.
Benefit: 103 units of workforce rental housing
December 7, 2015
Trinity Ashmont
Ashmont, Boston, MA
Construction Loans – $3,689, 300
Provide two construction loans. One for $2,489,300 will support the development of 51 units of rental affordable housing for families, and the other for $1,200,000 will support the development of 28 market-rate condominiums and 4 affordable housing condominiums.
Benefit: 51 units of affordable housing and 32 condominiums