Massachusetts Housing Investment Corp. (MHIC) has closed more than $30.2 million in financing for projects throughout the Bay State and Rhode Island.
"All of these projects were long in the planning process," said MHIC President Joe Flatley. "And now they are moving forward because of the availability and creative use of tax credit financing."
The Greenfield Renovation Initiative in Greenfield involved renovating five historic, mostly vacant buildings, totaling nearly 30,000 square feet, in the downtown area. MHIC closed on $4.25 million in new markets and historic tax credit financing and on a $437,113 bridge loan for renovation of two of the buildings, being developed by Ed Wierzbowski, a long-time Greenfield resident, sculptor and entrepreneur.
In September 2009, MHIC provided $3.3 million in financing for the historic renovation of three buildings, being developed by Jordi Herald, a well-known Northampton-based real estate developer and music entrepreneur. Greenfield Savings Bank and Greenfield Cooperative Bank provided senior debt for both phases.
The first phase consists of four 19th-century mercantile buildings and an early 20th-century bank building being developed into mixed-use retail/office, loft-style apartments, a recording studio, bakery, and integrated restaurant, music and gallery space.
MHIC has also closed a $3.2 million low-income housing and energy tax credit equity investment to finance the new construction of a 150-unit mixed-income housing development for seniors, The Morton and Etta Shillman House (Shillman House) in Framingham.
The Shillman House is being developed by the Jewish Community Housing for the Elderly (JCHE). Ninety of the 150 units at Shillman House will be reserved for low and moderate income individuals and households and sixty units will be rented at market rates. The project will be completed in 2011.
MHIC has also closed on $14.25 million in financing for a total of $19.25 million to finance the construction of a new, 7-story, in-patient medical facility with 126-beds for the Baystate Medical Center (BMC) in Springfield. It is expected to create 550 permanent full-time jobs, according to a statement.
MHIC provided a $3.4 million bridge loan, and with investment funds from U.S. Bancorp Community Development Corp., MHIC provided $4.7 million in financing, to reuse and rehabilitate the Institute for the Study and Practice of Nonviolence in Providence, R.I. The project will provide more than 14,000 square feet of space and will include offices, community and program space, music studio, library and fitness room.
The Institute was MHIC’s first New Markets Tax Credit financing of a project outside of Massachusetts, according to a statement.
