Dan Rivera Of MassDevelopment Provides $24.5M Loan For Land Acquisition In Chelsea

The property involved is a piece of land located at 170 Cottage Street in Chelsea, MA. The asset was acquired by TND 170 Cottage LLC with the help of a $24.5 million tax-exempt bond provided by Dan Rivera of MassDevelopment. The land is intended for the development of a new 66-unit affordable rental housing facility, designed to cater to households earning up to 60% of the area median income.

Summary of transaction details:

• Property Type: Land
• Transaction Amount: $24,500,000
• Lender: Dan Rivera - MassDevelopment
• Landlord: TND 170 Cottage LLC
• Address: 170 Cottage Street
• Market: Chelsea, MA

The key individuals and entities involved in the deal are Dan Rivera from MassDevelopment, who provided the tax-exempt bond, and TND 170 Cottage LLC, the acquiring entity. TND 170 Cottage LLC is an affiliate of The Neighborhood Developers, Inc., focused on developing the new affordable rental housing facility on the land at 170 Cottage Street in Chelsea.