Loan Amount: $5,200,000
Developer: c/o Chelsea Investment Corporation
Parkside Place Apartments is an 80-unit multi-family rehabilitation project consolidating two aging properties, with all units affordable and income-restricted to tenants at or below 50% of area median income, including some deeper-targeted at 30% AMI. It focuses on households with special needs, existing seniors, and provides a preference for active duty or retired U.S. military veterans. The project is unique as a preservation effort for 100% HUD-subsidized housing with project-based Section 8 vouchers extended through 2038, involving tenant relocation during renovations