Chelsea Homes One
Quick facts
City: Chelsea
Date completed: 2006
Development type: Rehab
Number of units: 86 rental units in exiting portfolio
Overview
In 2005 and 2006 TND modernized and rehabbed 86 rental units in our existing portfolio. The 18 Chelsea Homes I properties, originally acquired by TND between 1991 and 2004, are scattered throughout the Shurtleff/Bellingham neighborhood in two-family to twelve-unit buildings. In 2006, TND completed a refinancing that combined all properties under single ownership, and provided financing to complete $3 million in capital improvements and project reserves. Streamlining the financing of these properties resulted in improved efficiencies and allowed TND to hire a professional third-party property management firm that continues to manage TND’s portfolio today.
