Feature Debt

CDT: A National Resource

INVESTMENTS

Cushing Residence
Hanover, Massachusetts

Investment Description

Located about 35 miles south of Boston, Cushing Residence was owned by an affiliate of the Archdiocese of Boston that operates a school for developmentally disabled children and young adults adjacent to the property. It was critical to the seller, Cardinal Cushing Centers, that the new owner maintains the 150-unit community as affordable. The property is 100% project-based Section 8, serving tenants that are over age 62 and/or disabled.

Transaction Highlights

CDT acquired a 90% limited partner interest in the Cushing Residence in 2012. By working with Evergreen Housing Partners and Senior Housing Group, two operating partners that focus exclusively on preserving HUD properties, CDT ensured the property’s long-term affordability to seniors on the South Shore of Massachusetts. The acquisition was financed through assumption of a MassHousing first mortgage, which had been used to pay off the original Section 202 mortgage in 2005. The property continues to offer numerous social services, in part with the ongoing involvement of the Cardinal Cushing Centers.