Boston Metro Region

Long-Glen Apartments

Allston    2004

The Long-Glen Apartments development consists of 96 rental units in two buildings, 48-52 Glenville Avenue and 114-118 Glenville Avenue/10 Long Avenue. The property is currently fully occupied.

When the properties came on the market, the Allston Brighton CDC wanted to acquire and renovate them for low and moderate income households. They had to act quickly on the acquisition and there would not be time for the CDC to apply for and receive the necessary state and local funding to acquire the buildings.

They requested an acquisition loan from a consortium of lenders headed by the Massachusetts Housing Investment Corporation (MHIC). The interest payments for the loan would be supported by the income generated from the existing operations until they could apply for and receive the funding needed to rehabilitate the buildings. The Allston Brighton CDC successfully applied for funding and is proceeding with the plans for rehabilitating the buildings.

PCI Loan Amount: $3,000,000

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