Developments > City View Commons II
MHIC’s acquisition financing was used by the developer to acquire five buildings containing 120 affordable housing units – all built in the 1920s – in two different locations. MHIC’s construction loan enabled the developer to repay the acquisition loan and acquire an additional four buildings, a tax credit project with 24 affordable housing units, and to substantially rehabilitate all 144 units.
City View Commons II
Project at a Glance:
Location:
Springfield
Development Type:
Rental
Project Type:
Rehabilitation
MHIC Financing:
$12,120,450 in debt financing
Sponsor:
First Resource Companies
Number of Units:
144
Date Completed:
12/31/2011
MHIC’s acquisition financing was used by the developer to acquire five buildings containing 120 affordable housing units – all built in the 1920s – in two different locations. MHIC’s construction loan enabled the developer to repay the acquisition loan and acquire an additional four buildings, a tax credit project with 24 affordable housing units, and to substantially rehabilitate all 144 units.