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Mixed-Income Chicopee Housing Secures Public and Private Financing
MassHousing has closed on $37.3 million in affordable housing financing to the joint venture of Sydney Capital Group LLC and Brisa Builders Development LLC to develop Singing Bridge Residences on a vacant parcel adjacent to the Chicopee River in Chicopee, MA. Other financing comes from $31.6 million in housing tax credits, $29.4 million in construction financing from Citizens Bank and $900,000 in HOME and CDBG funding from the City of Chicopee.
The new, mixed-income housing is part of Chicopee’s effort to redevelop the Facemate Property, a four-acre site formerly owned by the city in Chicopee’s River Mills area. Following the completion of Singing Bridge Residences, the remaining portions of the property will be separately developed with a sports complex, a brewery and an office building.
“The Singing Bridge Residences will activate a vacant site, provide new housing options, and advance climate resilience through a highly sustainable building design,” said MassHousing CEO Chrystal Kornegay. “We are thrilled to help advance this important project.”
- ◦Development
- ◦Financing
