Developments > Community Servings HRCI Loan
The project finances the renovation of 8,000 sf of space in Community Servings existing 16,300 sf building, the repayment of acquisition loans associated with two adjacent land parcels, and the construction of a 17,400 sf addition to the existing building. The project will allow the sponsor to triple its production capacity, prepare as many as 1.5 million meals a year and serve 5,550 chronically ill clients and their families and over 9,000 clients through all its programs. MHIC’s Loan, which will prepay a higher interest loan from the Property and Casualty Initiative, will save the sponsor $400,000 in debt service payments that CS can invest in programs and serve as a buffer against potentially lower than annual operating revenues and/or higher than projected operating expenses.
Community Servings HRCI Loan
Project at a Glance:
Location:
Boston
Development Type:
Commercial
Sponsor:
Community Servings, Inc.
The project finances the renovation of 8,000 sf of space in Community Servings existing 16,300 sf building, the repayment of acquisition loans associated with two adjacent land parcels, and the construction of a 17,400 sf addition to the existing building. The project will allow the sponsor to triple its production capacity, prepare as many as 1.5 million meals a year and serve 5,550 chronically ill clients and their families and over 9,000 clients through all its programs. MHIC’s Loan, which will prepay a higher interest loan from the Property and Casualty Initiative, will save the sponsor $400,000 in debt service payments that CS can invest in programs and serve as a buffer against potentially lower than annual operating revenues and/or higher than projected operating expenses.