Posted on January 2, 2026
The fall offers a "sweet spot” of cool, stable New England weather without the extreme heat of summer or freezing temperatures of winter. Our Rental Finance team was able to mark major milestones in MHP-financed affordable housing developments while enjoying agreeable weather. Here are the highlights:
Burbank Terrace | Boston
To the tune of the popular Sly and the Family Stone 1969 song, “Everyday People,” the community gathered on the block in front of 72 Burbank Terrace on September 10 for a ribbon cutting. MHP is providing $3.9 million in permanent financing for the development, which brings 27 affordable studio, one- and two-bedroom apartments to the Fenway, one of Boston’s most expensive neighborhoods.
“Fenway CDC continues to demonstrate a crystal-clear mission with a highly qualified team committed to change the lives of people by creating safe, stable and critically needed affordable homes and support services to assist residents to achieve long-term success,” said MHP Director of Business Development Nancy McCafferty.
The development is part of the City of Boston Compact Living Pilot Program, which provides guidelines for the construction of smaller, more efficiently designed residential units and shared common areas.
Parcel R-1, 55 Hudson Street | Boston
On September 17, Boston’s Chinatown neighborhood celebrated the groundbreaking of a development that helps preserve the cultural identity of the community and fulfills a request made years ago for a permanent branch of the public library.
The highly transit-oriented Parcel R-1 development by Asian Community Development Corporation (ACDC) involves the new construction of a 12-story building that replaces a parking lot at 55 Hudson Street.
Forty-four affordable homeownership units will be on the top four floors. MHP is providing $8.4 million in permanent financing for the 66 affordable one- two- and three-bedroom rental apartments, which will be on the floors between the library and the homeownership apartments.
A new Chinatown Branch of the Boston Public Library will be housed on the first and second floors. In January 2014, children marched from Chinatown to City Hall campaigning for a public library.
MHP Senior Relationship Manager Alma Balonon-Rosen spoke of the neighborhood’s resilience in the face of real estate speculation and gentrification. “Many longtime Chinatown families have been displaced from the community they helped to build. Asian CDC has laid the foundation for long-term opportunity, ensuring that future generations continue to live, grow, and thrive in Chinatown,” she said. “Everyone deserves a home that is affordable close to transit, healthcare, fresh foods, arts and culture in an amenity rich neighborhood.”
Merrick at the Square | Worcester
Developed by The Community Builders (TCB), Merrick at the Square adds much needed affordable family housing to Worcester’s competitive and increasingly expensive rental market. The development provides transit-oriented housing and amenities in Worcester’s Pleasant Street neighborhood, west of downtown.
At the ribbon cutting on October 7, TCB was joined by MHP Executive Director Clark Ziegler, Worcester Mayor Joseph Petty, Massachusetts Executive Office of Housing & Livable Communities (EOHLC) Secretary Ed Augustus, as well as other partners. MHP is providing $3.2 million in permanent financing.
The newly constructed four-story building contains 49 apartments. The unit mix of four studios, 10 one-bedroom units, 29 two-bedroom units, and 6 three-bedroom units will provide families with new, affordable, green and healthy housing.
A resident services program pursuant to the TCB's "Community Life" model will include a variety of services including after school programming, community engagement events and volunteer and leadership opportunities administered by a fulltime community life service coordinator shared with the adjacent TCB operated property.
Lakeside Redevelopment | Worcester
The October 15 groundbreaking marked the launch of the first phase of a four-phase development in partnership with the Worcester Housing Authority, Tremont Development Partners, and E3 Development. Plans call for constructing two Passive House buildings to replace 48 units of obsolete rental housing owned and managed by the Worcester Housing Authority. When all phases are complete, the redevelopment will replace 202 units and create 350 new mixed-income rental units and 10 homeownership units on 11 acres.
MHP is providing $11.27 million in permanent financing for the creation of 116 units. The development will be a transformation from obsolete Worcester Housing Authority rental housing built in 1949 to a modernized development to provide energy efficiency, wheelchair access, handicap accessibility, elevators, and fire sprinklers. The property abuts the beautiful Coes Pond, has a boardwalk, park, and walking paths.
City of Worcester prioritized the neighborhood as it will not only provide rental housing but also homeownership opportunities for residents to build generational wealth.
WCG Homes | Worcester
MHP is involved in two distinct funding capacities in this development, supporting the portfolio of Worcester Common Ground (WCG) through permanent financing and administering the Climate Ready Housing Program with MassHousing and LISC Massachusetts on behalf of EOHLC. $1 million in CRH funds have been awarded to this development.
MHP is providing $3.5 million in permanent financing of 16 buildings owned by WCG at 10 locations throughout the Piedmont neighborhood, one of Worcester's most densely populated areas. The 73 rental units include a mix of three‐deckers, masonry buildings, and low‐rise buildings, ranging in size from two to 12 units.
Renovation includes exterior and interior upgrades—roofing, door and window replacement, and new kitchens and bathrooms. New heating and air conditioning, weatherization measures and full electrification to significantly reduce energy use and qualify as a deep energy retrofit for four buildings.
“We applaud WCG’s commitment to decarbonization efforts across the 16 buildings in this portfolio project,” said MHP Chief of Public and Community Engagement Dana LeWinter at the October 16 groundbreaking. “Every step of a scattered site development rehabilitation is a challenge, yet the Worcester Common Ground team has exhibited the fortitude and resilience needed to be able to deliver this important affordable and sustainable housing resource.”
Resident services are provided by a resident services coordinator with a focus on tenancy preservation and include eviction prevention, community resources, family support, and home health aide referrals.
Essex Village | Holyoke
Essex Village demonstrates how housing can revitalize a neighborhood. Developer Way Finders is pairing the gut rehab of a long-vacant historic building (circa 1888), across from the library with three newly constructed townhomes within a block of each other — creating 41 affordable homes across four sites. This will surround the existing MHP-financed Way Finders 38-unit operating development called Library Commons.
MHP is providing $1 million in permanent financing. At the October 22 groundbreaking, Mayor Joshua Garcia called Holyoke a “compassionate community that is extremely inclusive.” He credits the neighbors who have stayed for recent rebuilding efforts.
“MHP is proud to have been engaged in creating more housing opportunities with Wayfinders for over 25 years,” said MHP Chief of Community and Public Engagement Dana LeWinter. “When this phase of development is completed, Way Finders will have rebuilt a neighborhood, brought significant community services and supports to the residents, and contributed to the revitalization of downtown Holyoke. If that’s not community building, I don’t know what is.”
Elizabeth Brook Apartments | Stow
“I’m so proud of this development. It took 16 years to get it done,” said State Senator James Eldridge at the October 29 ribbon cutting. “I can’t emphasize how truly important it is to build affordable housing for seniors, for people with disabilities. If every community would just build a facility like this, and renovate just across the way, in every community we’d be in a much better situation in terms of the housing crisis in Massachusetts.”
Those remarks kicked off the ribbon cutting ceremony for Elizabeth Brook Apartments, developed by Stow Elderly Housing Corporation, an all-volunteer organization that has a 44-year history of developing and managing affordable housing in Stow.
MHP is providing $9.7 million in permanent financing for the redevelopment that includes rehabbing and extending the useful life of the existing 50 apartments, creating 37 new, fully accessible units, and gut rehabbing one house that the town wanted included as part of the redevelopment.
The one-bedroom apartment community is designed for individuals 62 and older. The new building will include a continuum of care to benefit residents at various stages of life. Minuteman Senior Services will provide case management to the building’s residents, including assessment and support services.
Residences at the Park | Athol
Led by developer NewVue Communities, Residences at the Park will help the town of Athol reuse two abandoned historic schools while creating housing for seniors and families. Plans call for renovating the two-building campus of the Riverbend and Ellen Bigelow Schools, adding a new building for senior housing, and redeveloping play space, community space and parking.
Local, state, and federal officials gathered for the October 31 groundbreaking. The 53 new apartments will be home to mixed-income, intergenerational residents. The intergenerational housing came out of the FHLB Bank Boston Design Challenge.
The development will consist of 20 one-bedroom, 24 two-bedroom and three nine-bedroom units, 20 of which will be for seniors and 33 for families. MHP is proud to provide $900,000 in Workforce dollars used toward construction financing, and a $700,000 permanent loan.
For more information about MHP’s financing programs, contact MHP Director of Business Development Nancy McCafferty or MHP’s Senior Relationship Manager Alma Balonon-Rosen.