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 comprising three buildings in the Downtown Chelsea Residential Historical District, close to schools and neighborhood shops. This acquisition preserves affordability, prevents displacement, and allows TND to improve the quality, health and safety of the property for the benefit of its residents.

Park & Pearl was the first acquisition to use MHIC’s Regional Naturally Occurring Affordable Housing (NOAH) Fund.

Development team

Acquisition financing: MHIC; The Property and Casualty Initiative (PCI); and OppCo’s Housing Accelerator Fund with support from the Eastern Bank Foundation and Boston Impact Initiative.

NOAH Acquisitions