Developments > Preston Rd Leach St
MHIC provided a $627,200 permanent loan to Don Martel to retire his MHIC LOC and enable him to acquire another property for use as a Department of Mental Health home. Martel used the MHIC LOC to renovate a 2-story home on Leach Street and pay off the mortgage on another 2-story, two-family house on Preston Road.
Preston Rd Leach St
Project at a Glance:
Location:
Salem
Development Type:
Rental
MHIC Financing:
$627,200 in debt financing
Sponsor:
Don Martel
Number of Units:
4
MHIC provided a $627,200 permanent loan to Don Martel to retire his MHIC LOC and enable him to acquire another property for use as a Department of Mental Health home. Martel used the MHIC LOC to renovate a 2-story home on Leach Street and pay off the mortgage on another 2-story, two-family house on Preston Road.