Boston & New England CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
POAH Secures Financing for East Cambridge Adaptive Reuse
Preservation of Affordable Housing (POAH) has secured $23.5 million in financing from Rockland Trust and Citizens Bank to transform a 150–year–old, underutilized church at 49 Sixth St. in East Cambridge, MA into housing. The project will ultimately create 46 affordable family-sized apartments.
“I have been collaborating with the POAH team for several years on affordable housing projects,” said Kelly Nguyen, VP and commercial loan officer at Rockland Trust. “These revitalization efforts offer innovative solutions for increasing housing availability in desirable neighborhoods while preserving local architectural history.”
The project includes the adaptive reuse of the former rectory, school and convent. POAH’s focus is to repurpose the existing structures while restoring and preserving their historical facades and interiors. The plan is to develop these spaces into high-quality, energy-efficient homes that are perpetually affordable. Key historic elements of the buildings’ interiors and exteriors will be maintained.
- ◦Development
- ◦Financing
