Developments > Putnam Square Apartments
MHIC’s $2 million acquisition loan - which was a 33% participation in a $6 million loan led by CEDAC - was used by the sponsor to purchase an 11-story, 94-unit affordable rental apartment building for the elderly and disabled. The building, located on Auburn St. near Harvard Square, was built in 1974 and is in good condition but will undergo moderate renovations.
Putnam Square Apartments
Project at a Glance:
Location:
Cambridge
Development Type:
Rental,Senior Housing
Project Type:
Adaptive reuse of historic building
MHIC Financing:
$2,000,000 in debt financing, $7,857,757 in LIHTC financing
Sponsor:
Homeowners Rehab, Inc.
Number of Units:
94
Date Completed:
8/26/2015
MHIC’s $2 million acquisition loan - which was a 33% participation in a $6 million loan led by CEDAC - was used by the sponsor to purchase an 11-story, 94-unit affordable rental apartment building for the elderly and disabled. The building, located on Auburn St. near Harvard Square, was built in 1974 and is in good condition but will undergo moderate renovations.