James Steam Mill1 Charles Street, Newburyport, MA
Located on the waterfront of historic Newburyport, Massachusetts, James Steam Mill is an impressive masonry construction from 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 prepayable, an annual limitation on cash flow, the generation of "phantom income" to the partners, and an environmental issue. LIHC provided an attractive sales value and accelerated the final sale timeline by agreeing to take on the risk associated with the