The Life Initiative 2016 Investments
January 14, 2016
Asian Community Development Corporation
One Greenway South
Boston, MA
$2,000,000 – Construction Financing
Finance construction of 51 income-restricted homeownership condominiums for sale in Boston’s Chinatown neighborhood. One Greenway South will create 51 condominium units, including 21 one-bedroom, 22 two-bedroom and 8 three-bedroom units.
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January 14, 2016
Cornell Mill
649 Alden Street
Fall River, MA
$600,000 – Acquisition and line of credit
Acquire the 100,000 square foot mill building located at 649 Alden Street for the adaptive reuse of a historic mill complex into 90 units of rental housing near downtown Fall River.
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February 11, 2016
The Community Builders – Fruit Sever Apartments
11 Sever Street
Worcester, MA
$5,025,000 – Acquisition Loan
Acquisition of a 132-unit apartment complex in order to preserve affordability.
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March 10, 2016
Bartlett Yards
Nuestra Comunidad Development Corporation and Windale Developers, Inc.
2565 Washington Street
Boston, MA 02119
$1,316,737- Bridge Loan
Nuestra Comunidad Development Corporation and Windale Developers, Inc., are redeveloping the former MBTA Bartlett Yard as a mixed-use, mixed-income community. When complete, the project will transform 8.6 acres of blighted, contaminated land formerly the MBTA Bartlett Yard in Roxbury’s Dudley Square and provide 38 units of affordable housing.
Benefit: 38 units of affordable housing
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April 14, 2016
Hap, Inc.
586 Mill Street
Agawam, MA
$513,000- Acquisition Loan
Provide an acquisition loan to enable the borrower to purchase a vacant price of land at 586 Mill Street, Agawam. HAP plans to redevelop the site as a multi-family rental housing development.
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May 12, 2016
MBHP, Office Condominium at Parcel 25
Office Condominium at Parcel 25
Boston, MA
$1,500,000 – Construction to Permanent Loan
Provide construction and permanent financing for an Office Unit of approximately 27,000 square feet, to be owned and occupied by MBHP.
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June 9, 2016
Beacon Communities, Rockingham Glen Apartments
Rockingham Glen Apartments
Boston, MA
$3,000,000 – Mezzanine Loan
Provide a $3,000,000 mezzanine loan to Beacon Communities to help finance the acquisition of Rockingham Glen, a 143-unit, mixed income project for seniors in West Roxbury.
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June 9, 2016
The Ropewalk
The Ropewalk
Charlestown, MA
$2,000,000 – Mezzanine Loan
Provide a loan to support the financing of a mixed income, historic renovation of the Ropewalk located in the Charlestown Navy Yard and develop the buildings into 97 rental units.
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July 14, 2016
Jamaica Plain Neighborhood Development Corporation; Centre Street Retail
Centre Street Retail
Boston, MA
$2,140,000 – Commercial Loan
Provide a loan to refinance the Centre Street Retail Development and to create 13,000 sq. ft. of space for neighborhood businesses. Tenants include two restaurants, a beauty salon, laundry, veterans’ non-profit service provider, and two health care offices.
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August 11, 2016
Quincy Towers
Boston, MA
$4,921,000 – Mezzanine Loan
Provide loan to support the preservation of affordability for 161 low and very low income seniors and provide a high level of services to a vulnerable population living in Quincy Towers in Chinatown.
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September 8, 2016
NeighborWorks of Southern Mass (NWSOMA)
121 Main Street
Brockton, MA
$600,000 – Acquisition Loan
Provide loan to help develop approximately 48 units of housing; at least 30 units which will be affordable to low income residents.
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September 8, 2016
Focus, Inc.
114 Temple Street
Spmerville, MA
$1,000,000 – Acquisition Loan
Provide a loan to acquire the building located at 114 Temple Street to preserve 15 units of affordable housing for youth aging out of foster care.
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September 20, 2016
Codman Square Neighborhood Development Corporation (CSNDC)
587 Washington Street
Dorchester, MA
$2,248,482 – Acquisition Loan
Provide acquisition loan for 24 units of affordable housing.
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November 17, 2016
The Neighborhood Developers
571 Revere Street
Revere, MA
$2,275,000 – Site Acquisition Loan
Provide an acquisition loan to redevelop a sixty eight unit mixed-income family rental housing development.
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