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Conant Village

Danvers, MA

Category Rental, Tax Credit
Size 60 Units
Architect The Architectural Team, Inc.
TDC $12.2 Million
Financing Affordable Housing Trust Fund,
4% Low Income Housing Tax
Credits, Fleet Bank, MassHousing
Completion September 2004

After acquiring the 7.5 acre property in the Fall of 2002, EA Fish completed the entitlements for the project utilizing the Massachusetts' Chapter 40-B legislation process. EA Fish selected Fleet Bank as a construction lender and began working with lenders to arrange permanent financing for the project. Conant Village contains 60 modern garden-style apartments, an exercise facility, a business room with high-speed internet access, and a 21-space belowgrade parking garage. There are 10 three-bedroom apartments along with 50 two-bedroom units and 12 of the 60 units are reserved for people making at or below 50% of the Area Median Income.

Financing was accomplished through a construction loan from Fleet Bank for $8,500,000 and a permanent take-out loan from MassHousing in the amount of $9,500,000, along with over $1,000,000 in sponsor equity. In addition, a $600,000 grant from the Affordable Housing Trust Fund Section 8 Project-Based Vouchers from the Department of Housing and Community Development, and over $700,000 in 4% Low-Income Housing Tax Credit equity helped significantly in completing the overall financing for the project.

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