Developments > City View Commons I
When Gordon Pulsifer, President of First Resource Companies, learned that a portfolio of 16 buildings was on the market, he saw an opportunity to preserve 377 housing units and further improve neighborhoods where he had already invested. For several years, Mr. Pulsifer has been focusing his efforts on Springfield, with numerous multi-block redevelopment projects, including several financed by MHIC (see High Street Commons and Worthington Commons). MHIC provided the acquisition financing that enabled him to acquire the properties. The 16 properties that make up this portfolio are grouped into three projects: City View Commons I, City View Commons II and Concord Heights. City View Commons I refers to four buildings in the Worthington/Federal Street area of Springfield, in the immediate vicinity of Worthington Commons, mentioned above. Built between 1912 and 1927, the buildings required moderate rehabilitation and updating, made possible with MHIC’s construction financing.
City View Commons I
Project at a Glance:
Location:
Springfield
Development Type:
Rental
Project Type:
Rehabilitation
MHIC Financing:
$11,772,000 in debt financing
Sponsor:
First Resource Companies
Number of Units:
153
Date Completed:
12/31/2010
When Gordon Pulsifer, President of First Resource Companies, learned that a portfolio of 16 buildings was on the market, he saw an opportunity to preserve 377 housing units and further improve neighborhoods where he had already invested. For several years, Mr. Pulsifer has been focusing his efforts on Springfield, with numerous multi-block redevelopment projects, including several financed by MHIC (see High Street Commons and Worthington Commons). MHIC provided the acquisition financing that enabled him to acquire the properties. The 16 properties that make up this portfolio are grouped into three projects: City View Commons I, City View Commons II and Concord Heights. City View Commons I refers to four buildings in the Worthington/Federal Street area of Springfield, in the immediate vicinity of Worthington Commons, mentioned above. Built between 1912 and 1927, the buildings required moderate rehabilitation and updating, made possible with MHIC’s construction financing.