The asset involved in this transaction is a development site located at 22 Elm Street in Worcester, MA. The redevelopment project, known as Two Chestnut Place, involves converting a former office building into 22 condominiums. It is aimed at first-time homebuyers earning up to 80% of the Area Median Income (AMI). The total project cost is $14.3 million.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $8,100,000
• Lender: Chrystal Kornegay - MassHousing
• Landlord: Synergy & Planning Office for Urban Affairs
• Additional Financing: $4.2 million from the Life Initiative and $2 million from Worcester’s Affordable Housing Trust

This transaction was facilitated by Chrystal Kornegay from MassHousing, who provided the financing for the project. The financing is part of the CommonWealth Builder program, specifically allocated to assist in the development of affordable housing options in Worcester, MA.