$2,975,100 acquisition loan – 430 stabilized senior homes
For 40 years, the residents’ association at Halifax Estate has ensured its 700 largely low-income seniors have access to amenities, support and services, and strong social bonds in their community. In October 2017, the board led its residents to another improvement: collective, independent ownership. With over $9 million in subordinate financing from Leviticus, ROC USA, and Boston Community Capital and a $20 million senior loan from TD Bank, the residents’ new cooperative preempted the sale of Halifax Estates to a private out-of-state owner and completed the largest conversion of a manufactured home park in the nation.
As new owners, the residents can now decide together what is best for their community.