Worcester, MA – MassDevelopment has partnered with Bay State Savings Bank to provide over $3.1 million in loan financing to Mission on Summer to assist in the renovation and conversion of the historic and long-vacant Mission Chapel at 205 Summer St. in downtown Worcester into seven market-rate apartments.
Mission on Summer, led by principal Nan Porter and Matt Kiefer, is working in partnership with The Traggorth Companies and the Worcester-based design-build firm Sustainable Comfort. Once complete, the building will include four one-bedroom units, two two-bedroom units, and one three-bedroom unit.
MassDevelopment is providing a $1.5 million tax credit bridge loan while Bay State is providing a $1,611,727 construction-to-permanent first mortgage loan. The project is also being supported by $900,000 in Housing Development Incentive Program (HDIP) tax credits issued through the Massachusetts Department of Housing and Community Development, as well as both state and federal Historic Building Tax Credits (HTCs).
“The City of Worcester is pleased to work with Mission on Summer, LLC on the adaptive reuse and historic preservation of this important asset for Worcester,” said Worcester city manager, Eric D. Batista.
The Mission Chapel was built in 1854 by Ichabod Washburn. The building is one of the oldest churches in Worcester and is currently listed on the National Register of Historic Places. It has also been included on Preservation Worcester’s Top 10 list of most endangered buildings in Worcester. The property was previously owned by the Worcester Redevelopment Authority as part of the Medical City Urban Redevelopment Plan, and has been vacant for more than 25 years.
“We are gratified to return this historic gem to active use as seven distinctive apartments in a premier location near downtown Worcester, St. Vincent Hospital, Union Station and the Canal District,” said Porter. “We’re enormously grateful for the support we’ve received at every turn from the City of Worcester, Preservation Worcester, and our lenders at Bay State Savings Bank and MassDevelopment.”
