James Steam Mill1 Charles Street
Newburyport, MA LIHC Affordable
Located on the waterfront of historic Newburyport, Massachusetts, James Steam Mill is an impressive masonry structure originally constructed in 1845. Among its unique historical features are decorative cornices, granite lintels, and wrought- iron balconies.
This property was owned by a family partnership with a long history in the restoration and conversion of the mill to 98 apartments. The project was severely restricted, including a MHFA mortgage that was not pre-payable, an annual limitation on cash flow, the generation of phantom income to the partners, and environmental constraints. LIHC Investment Group provided an attractive sales value and accelerated the final sale timeline by agreeing to take responsibility for the associated environmental risks.
JAMES STEAM MILL
1 Charles Street, Newburyport, MA