Sponsor: First Resource Development Company
Loan Approved: April 23, 2013
MHP provided over $4 million in first mortgage financing to help First Resource Development LLC substantially renovate and preserve 192 units of rental housing in downtown Springfield.
TYPE: Preservation
WHERE: Scattered sites on Montpelier Street, Niagara Street, Oswego Street, Saratoga Street, Bayonne Street and Dwight Street Extension in Springfield.
WHAT: Phase 1 - 94 residential rental units in 10 buildings. Phase 2 - 98 residential rental units in six buildings and rehabilitation of one building into 20 units.
AFFORDABILITY: All units affordable at 60 percent AMI.
MHP FINANCING: MHP used its bank-funded loan pool to provide a $2.1 million permanent loan for Phase 1 and a $1.975 million loan for Phase 2.
RENTAL INFORMATION: First Resource Management Company, 781-659-0025
NEWS RELEASE: https://www.mhp.net/rental-fin...