TND Acquires Park and Pearl Properties to Preserve Affordable Housing

TND has acquired a group of multifamily properties in Chelsea, a move aimed at preserving affordable housing and preventing displacement in the community.

The properties include 148 Park Street, 158 Pearl Street, 156–160 Park Street, and 161–165 Pearl Street, totaling 30 residential units.

With resources from the Eastern Bank Foundation, Boston Impact Initiative, the City of Chelsea, and the Opportunity Communities (OppCo) Housing Accelerator Fund, TND was able to acquire these historic properties and ensure they remain affordable and in good condition for tenants. The acquisition and long-term sustainability of these properties was additionally supported with financing from MHIC NOAH Regional Fund and the Property and Casualty Initiative (PCI). In fact, TND was the first nonprofit to access MHIC’s new NOAH Regional Fund, a fund set up to support acquisition of existing multi-family properties like those at Park & Pearl. 

“The Commonwealth's housing affordability crisis demands bold leadership, new strategies and innovative partnerships. PCI is proud to invest its capital alongside OppCo and MHIC to support TND's groundbreaking portfolio acquisition initiative that will preserve and deepen affordability at scale across Chelsea neighborhoods,” said Michelle Volpe, President of PCI.

“The acquisition of Park and Pearl in Chelsea marks the first loan from MHIC’s Regional NOAH Fund—an initiative designed to help mission-driven developers preserve at-risk, naturally affordable housing,” said Moddie Turay, MHIC’s President and CEO. “These 30 units, acquired by The Neighborhood Developers, represent the kind of unsubsidized housing that is rapidly disappearing across Massachusetts. By acting quickly, the fund protects affordability, prevents displacement, and secures long-term housing stability for our communities.”

“We’re deeply grateful to the donors and mission-driven investors who made this acquisition possible,” said Kathy McGilvray, CEO of OppCo. “Their commitment allowed TND to act swiftly and secure these homes at Park and Pearl, protecting tenants and preserving affordability in Chelsea. This is the kind of catalytic support that strengthens neighborhoods and lives.”

TND, a member of OppCo, has made housing preservation a priority. The acquisition of these properties aligns with the organization’s efforts to stabilize neighborhoods and support residents at risk of displacement. 

“Thanks to the trust and investment of our funding partners, we were able to move quickly to preserve these homes for Chelsea residents,” said Rafael Mares, Executive Director of TND. “Their support is a vote of confidence in our community and the people who live here. We’re proud to partner with them to protect and improve and preserve the homes at Park and Pearl.”

For tenants striving to improve living conditions and fight rent hikes, this sale offers hope. TND plans to make necessary upgrades and transition the properties into permanently affordable homes.

So far, TND has secured 64 affordable housing units, with plans to add another 27 in the near future. This latest step underscores the organization’s commitment to strengthening Chelsea’s neighborhoods and keeping housing within reach for working families.

For more information about the Housing Accelerator Fund and their work, visit: https://www.oppcommunities.org/oppco-housing-accelerator-fund