MassHousing Provides $24M Loan for Boston-Area Asset

Princeton Properties and Parse Capital received $23.6 million in affordable housing financing for Mill and 3 Apartments, a 108-unit, mixed-income community in Chelmsford, Mass. MassHousing provided the loan for the recently built property. Located at 276 Mill Road, the three-building property is right off Route 3 and near several shopping, dining, and entertainment options. A fifth of the units will be affordable in perpetuity to households earning at or below 50 percent of $52,700, which is the area’s median income for a family of four. Mill and 3 Apartments consist of 46 one- and 62 two-bedroom apartments, built by general contractor NRP Construction under Chapter 40B.