We are thrilled to announce the successful closing of the Park and Pearl acquisition loans, which mark a significant milestone for both MHIC and the broader affordable housing community!
This is the first loan from our regional acquisition NOAH (Naturally Occurring Affordable Housing) fund, specifically designed to support nonprofit and mission-driven developers in acquiring multifamily properties without existing income restrictions. The goal is to help these properties secure public subsidies to become permanent affordable housing.
Park and Pearl consist of three buildings in Chelsea, totaling 30 units, which were acquired by sponsor The Neighborhood Developers (TND). This partnership sets a strong foundation as we work with TND to acquire additional NOAH units over the coming months.
