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.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.