Developments > Outing Park I
Outing Park I refers to a group of nine buildings containing 94 units of affordable rental housing in southwest Springfield. The buildings were built between 1914 and 1926 and are in need of rehabilitation. Outing Park I is part of a portfolio of 16 buildings with a total of 192 units being acquired with MHIC financing for redevelopment. All buildings are located in a distressed neighborhood that has been designated a historic district named “Outing Park Historic District.” In 2011 MHIC provided a $3.8 million acquisition loan for this project. In July MHIC provided a $12.1 million construction loan for the project’s rehabilitation.
Outing Park I
Project at a Glance:
Location:
Springfield
Development Type:
Rental
Project Type:
Renovation
MHIC Financing:
$17,070,000 in debt financing
Sponsor:
First Resource Companies
Number of Units:
94
Outing Park I refers to a group of nine buildings containing 94 units of affordable rental housing in southwest Springfield. The buildings were built between 1914 and 1926 and are in need of rehabilitation. Outing Park I is part of a portfolio of 16 buildings with a total of 192 units being acquired with MHIC financing for redevelopment. All buildings are located in a distressed neighborhood that has been designated a historic district named “Outing Park Historic District.” In 2011 MHIC provided a $3.8 million acquisition loan for this project. In July MHIC provided a $12.1 million construction loan for the project’s rehabilitation.