Developments > Concord Heights
In 2008 MHIC provided a $3.7 million acquisition loan and in 2012 MHIC provided a $10.4 million construction loan for this group of seven buildings, all built between 1916 and 1923, containing 104-units of affordable rental housing. This project is part of a portfolio of 23 buildings containing a total of 296 housing units being redeveloped by the developer in the “Outing Park Historic District” of Springfield, a challenged area targeted for redevelopment by the City of Springfield.
In other historic Springfield neighborhoods, First Resource has also redeveloped entire blocks, rehabilitating existing housing and creating new units in newly-constructed buildings. With financing from MHIC, this developer has previously developed City View Commons I and II, High Street Commons, Outing Park I and II and Worthington Commons.
Concord Heights
Project at a Glance:
Location:
Springfield
Development Type:
Rental
Project Type:
Redevelopment
MHIC Financing:
$14,144,000 in debt financing
Sponsor:
First Resource Companies
Number of Units:
104
In 2008 MHIC provided a $3.7 million acquisition loan and in 2012 MHIC provided a $10.4 million construction loan for this group of seven buildings, all built between 1916 and 1923, containing 104-units of affordable rental housing. This project is part of a portfolio of 23 buildings containing a total of 296 housing units being redeveloped by the developer in the “Outing Park Historic District” of Springfield, a challenged area targeted for redevelopment by the City of Springfield.
In other historic Springfield neighborhoods, First Resource has also redeveloped entire blocks, rehabilitating existing housing and creating new units in newly-constructed buildings. With financing from MHIC, this developer has previously developed City View Commons I and II, High Street Commons, Outing Park I and II and Worthington Commons.