Community Housing Resource Inc. is set to build a 23-unit mixed-income rental housing development in Provincetown using a $4.5 million construction loan from Citizens Bank.
CHR Stable Path will consist of 10 multi-family buildings on a single site, with 78 percent of those units offered to qualified low-income families and the remaining 22 percent offered to middle-income families.
“We enjoyed working with Citizens Bank on this financing,” Community Housing Resource Inc. President Ted Malone said in a statement. “The deal team at Citizens was very responsive and moved forward in a timely fashion to help get this development closed. This development offers Cape residents more options for affordable housing, which is an important goal of both CHR and Citizens Bank.”
The financing package also includes $3 million in Citizens Bank low-income housing tax credit investment equity through syndicator sponsor, Stratford Capital Group, $3 million in state, county and municipal loans and a permanent loan through Massachusetts Housing Partnership.
“Community Housing Resource Inc. is a great client and partner,” Jerry Sargent, president of Citizens Bank in Massachusetts, said. “We are pleased to be part of this important development and to help the CHR team achieve their strategic and financial goals.”
Malone founded Community Housing Resource in 1996 to develop and manage affordable rental and homeownership housing, as well as commercial development, on outer Cape Cod.
