585-593 Broadway

Written By The Neighborhood Developers
 

Quick facts

City: Chelsea

Date completed: 2003

Development type: Moderate rehab

Number of homes: 24 rental apartments

Affordability: 11 units < 50% AMI, 8 units < 60% AMI, and 5 market-rate units

Affordability (for sale): 3 homes for < 80% AMI and 3 homes for < 100% AMI

 

Overview

The Neighborhood Developers acquired the occupied 24-unit property at 585–593 Broadway in 2000. TND conducted a moderate rehab of the property’s one- and two- bedroom units, and preserved affordability.

Development team

Permanent financing: Massachusetts Housing Partnership

Subordinate debt: City of Chelsea; North Suburban Consortium HOME Program

Additional funds: NeighborWorks America; The Neighborhood Developers, Inc.; MassDevelopment; CharlesBank Homes

 
 
The Neighborhood Developers
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579-583 Broadway