DOWNTOWN BROCKTON TO GET NEWLY RESTORED, 25 UNIT APARTMENT BUILDING.

Groundbreaking will occur in January, 2013 for Station Lofts, formerly known as the Knight Shoe Machinery building, near City Hall in downtown Brockton. The long vacant building will be restored and converted to an apartment building with 25 units, 14 affordable and 11 at market rate rents. The property is one block from the MBTA’s commuter rail stop offering convenient service to Boston. The completed project will replace an eyesore in the heart of Brockton with a handsomely restored building that will provide much needed new rental units for the community.

The developer, Capstone Communities, pulled together financing from numerous sources to make this development happen. In addition to PCI’s $4.8 million construction loan, funds will come from historic and low income housing tax credits, state and city funds, and a permanent loan from the Massachusetts Housing Partnership.