Multi Residential Restoration/Renovation

$5M in CommonWealth Builder Funding Issued for Fall River Condo Development

Fall River, MA – MassHousing has closed on $5 million in financing through the CommonWealth Builder Program to McPherson Development LLC to develop 18 new condominiums for purchase by moderate-income, first-time homebuyers in the gateway city of Fall River.

The MassHousing funding will allow McPherson Development to transform the site of the former St. Louis Parish Elementary School built in 1905 into a new residential community for first-time homebuyers. The vacant 3-story school building will be redeveloped into the 18 condos with nine one-bedroom units and nine two-bedroom units. Nine of the new condominiums will be sold to homebuyers earning up to 80% of the Area Median Income (AMI) and nine homes will be sold to homebuyers earning up to 100% of AMI. The development is located adjacent to two regional bus line stops and near Kennedy Park and area restaurants and retail stores.

“MassHousing is excited for the 18 households who will be able to purchase a new home they can afford and put down roots in Fall River,” said MassHousing CEO Chrystal Kornegay. “As homeowners, they will begin to build equity and wealth and we are pleased that CommonWealth Builder will play a part on turning a long-vacant school building into new homes with all the benefits homeownership can bring.”

“We believe that by revitalizing the St. Louis School we can contribute to the economic and cultural growth of Fall River,” said Lucian McPherson, managing director, and president of McPherson Development LLC. “This project is a testament to our commitment to urban redevelopment that transform communities and improve lives.”

In addition to the $5 million in CommonWealth Builder financing from MassHousing, RD Advisors is providing $1.95 million in construction financing.

The general contractor is McPherson Development. The architect is Vanko Studio Architects LLC and the management will be Northeastern Property Management Solutions.

The CommonWealth Builder Program is an initiative designed to address the racial homeownership gap in Massachusetts by creating new homeownership and wealth-building opportunities in underserved communities. It provides market-based subsidies to support the construction of new, moderately priced, single-family homes and condominiums in the city of Boston, the state’s 26 gateway cities, and Framingham and Randolph.