Developments > Civic Village
MHIC’s acquisition loan was for the acquisition of two properties, one of which was developed into a 144 apartment complex under Chapter 40B. This project was done in phases, with 48 units developed in the first phase. Twenty-five percent of the units are affordable and the remaining units are rented at market rate. The second property was subdivided, with one parcel donated to the town of Dracut and the remaining parcel retained by Frank Gorman, the developer, for future development into affordable housing.
Civic Village
Project at a Glance:
Location:
Dracut
Development Type:
Rental
Project Type:
New construction
MHIC Financing:
$2,040,000 in debt financing
Sponsor:
Frank Gorman
Number of Units:
144
MHIC’s acquisition loan was for the acquisition of two properties, one of which was developed into a 144 apartment complex under Chapter 40B. This project was done in phases, with 48 units developed in the first phase. Twenty-five percent of the units are affordable and the remaining units are rented at market rate. The second property was subdivided, with one parcel donated to the town of Dracut and the remaining parcel retained by Frank Gorman, the developer, for future development into affordable housing.