Marian Gardens
Lynn, Massachusetts
Weld Management acquired, prior to foreclosure, an FHA 221-D3 low-to-moderate income family housing project from a financially troubled nonprofit sponsor. The 94 two-to-four bedroom townhouse for low to moderate income families had started to deteriorate due to lack of professional maintenance and were in need of substantial rehabilitation. Weld processed an FHA 241 loan which allowed the units to be completely rehabilitated without displacement of tenants. A new and attractive community center was also built. In this instance, financial acumen and the ability to immediately begin construction and rehabilitation were responsible for maintaining the overall value of the property while keeping needed affordable housing on the market.
