Park & Pearl

Completed projects

Nov 14

Written By The Neighborhood Developers

Quick facts

City: Chelsea

Development type: Renovation/Preservation

Number of units: 30 apartments

Affordability: 30 units < 50% AMI

Overview

Park and Pearl is a 30-unit portfolio across three buildings in the Downtown Chelsea Residential Historical District, close to schools and neighborhood shops. This acquisition preserves affordability, prevents displacement, and reinvests in an infill site that strengthens the community. It was TND’s first project using MHIC’s Regional Naturally Occurring Affordable Housing (NOAH) Fund.

Development team

Acquisition financing: Massachusetts Housing Investment Corporation (MHIC); The Property and Casualty Initiative (PCI); and OppCo’s Housing Accelerator Fund

NOAH Acquisitions