Feature Debt

CDT: A National Resource

INVESTMENTS

Hathaway Farms Townhomes
Northampton, Massachusetts

Investment Description

Hathaway Farms Townhomes is a 207-unit, mixed-income residential community in a housing market where costs are on the rise. The property was built in 1972 under the HUD Section 236 program by an affiliate of Spear Management, a Massachusetts-based developer and property manager. In 1999, Spear refinanced the property with a first mortgage from MassHousing and a second mortgage from the Massachusetts Housing Partnership (MHP). The units are subject to three different affordability requirements imposed by Mass Housing, MHP, and the City of Northampton.

Transaction Highlights

In 2006, CDT acquired a 90% limited partner interest in Hathaway Farms Townhomes, assuming the existing mortgage as part of the acquisition. Spear Management was able to retain its general partnership interest and continue in its property management role.