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Developments > 147 Essex Avenue LLC

147 Essex Avenue LLC

Project at a Glance:
Development Type:
MHIC Financing:
$6,302,826 in LIHTC financing
Cape Ann Housing Opportunity, Inc.
Number of Units:
Date Completed:

This is an adaptive re-use of 3 industrail buildings to create 43 LIHTC units. The site has been re-zoned and permitted for a total of 118 houisng units. The complex comprises 20.7 acres next to the Annisquam River, including a 7-acre pond and 10 industiral building, 4 of which have been demolished. The acquistion price and initial predevelopment work was covered by a $1.525 million MHIC loan, $175,000 in contribution primarily form board members, and loans from CEDAC and AHT. Community leaders, most of whom also serve on the board of Wellspring House, a highly respected Gloucester nonprofit that serves homeless and improverished women and families, founded the sponsor in 2002 to acquire the site. In April 2008, Essex Pond Rental LLC, a subsidary of MHIC, replaced CAHO as the Managing Member of the Partnership. As of June 1, 2008, SC Management was replaced by CORNU Management Company. July 1, 2011 The Caleb Group replaced Cornu and is the management agent for the condo phase and phase III developed by Caleb. (A 41-unit affordable homeownership phase started simultaneously.)