Millers River Apartments – Cambridge, Massachusetts
Nolan Sheehan Patten represented Cambridge Housing Authority (CHA) in connection with the rehabilitation of Millers River Apartments, a 300-unit building for seniors located in East Cambridge. We assisted CHA in structuring the transaction as a leasehold condominium and assembling a financing package of over $177 million. The project included construction and permanent financing from MassHousing, funded with the proceeds of the issuance and sale of MassHousing Tax Exempt Bonds to Citibank, construction financing from Citibank, permanent financing from CHA and equity financing from Wells Fargo. Our representation also involved negotiating complex zoning issues with the City of Cambridge, enabling CHA to further its mission of maximizing access to affordable housing for those who need it. All 300 units of housing in this Project will be reserved for seniors with incomes at or below 60% of area median income.
Practice Areas: Low-Income Housing Tax Credits, Public Housing