Developments > Atlas Lofts
The historic Russell Box Factory, a 3-story brick building containing 54,000 square feet of space, has been transformed into 53 modern loft-style apartments in a section of the city called the “Box District.” For this project, MHIC provided a $3.4 million construction loan, in participation with Boston Private Bank, which also provided $3.4 million. Eleven of the units are affordable (six units for households at or below 80% Area Median Income and five units for households at or below 110% of AMI) with the remainder of the units at market rents.
The Box District runs along Broadway, Chelsea’s main thoroughfare, and was once home to several box and mattress manufacturing companies that give the area its name. Redevelopment of this neighborhood represents a collaboration between public, non-profit and private-sector partners.
In early June 2011, the Massachusetts Historical Commission awarded Atlas Lofts a 2011 Historic Preservation Award.
Atlas Lofts
Project at a Glance:
Location:
Chelsea
Development Type:
Rental
Project Type:
Historic rehabilitation/adaptive reuse
MHIC Financing:
$3,425,000 in debt financing
Sponsor:
Atlas Historic Investments LLC
Number of Units:
53
The historic Russell Box Factory, a 3-story brick building containing 54,000 square feet of space, has been transformed into 53 modern loft-style apartments in a section of the city called the “Box District.” For this project, MHIC provided a $3.4 million construction loan, in participation with Boston Private Bank, which also provided $3.4 million. Eleven of the units are affordable (six units for households at or below 80% Area Median Income and five units for households at or below 110% of AMI) with the remainder of the units at market rents.
The Box District runs along Broadway, Chelsea’s main thoroughfare, and was once home to several box and mattress manufacturing companies that give the area its name. Redevelopment of this neighborhood represents a collaboration between public, non-profit and private-sector partners.
In early June 2011, the Massachusetts Historical Commission awarded Atlas Lofts a 2011 Historic Preservation Award.