Historic Mission Chapel in Worcester to Transform into Market-Rate Apartments
MassDevelopment has partnered with Bay State Savings Bank to provide over $3.1 million in loan financing to Mission on Summer to assist in the renovation and conversion of the historic and long-vacant Mission Chapel located at 205 Summer Street in Worcester, MA into seven market-rate apartments.
MassDevelopment, the state’s development finance agency and land bank, is providing a $1.5 million tax credit bridge loan while Bay State Savings Bank is providing a $1,611,727 construction-to-permanent first mortgage loan. The project is also being supported by $900,000 in Housing Development Incentive Program tax credits issued through the Massachusetts Department of Housing and Community Development, as well as both state and federal Historic Building Tax Credits.
The Traggorth Companies and Worcester-based design-build firm Sustainable Comfort are working on the project. The Mission Chapel was built in 1854 and is currently listed on the National Register of Historic Places.