Posted on May 25, 2012
FITCHBURG, May 25, 2012 --- The Massachusetts Housing Partnership (MHP) recently committed $9.35 million in permanent mortgage financing to help MDP Development LLC convert a historic mill building into 105 units of rental housing on River Street in Fitchburg.
The Riverside Commons development will consist of the adaptive reuse of a historic mill building into 105 rental units. The development will consist of 21 one-bedroom units, 76 two-bedroom units and 8 three-bedroom units. The site will also include 16,000 square feet of commercial space and 315 parking spaces. Of the 105 rental units, 27 will be designated as affordable for residents earning at or below 80 percent of the area median income ($52,000/year for a family of two).
This is the first project on which MHP will work with MDP Development LLP but the second project MHP will finance in Fitchburg. Including the Riverside Commons project, MHP has committed over $10.5 million in financing to help create or preserve 176 units of housing in Fitchburg.
For more information about this project contact Deputy Director of Lending Dick Mason at 617-330-9944 x242.