HOPE Partnership Announces Acquisition
On Friday January 31st, , HOPE Partnership, Inc. acquired 15 mostly vacant condominium units on the upper floors of Spencer’s Corner, a three story commercial condo complex located at the corner of Main Street and Westbrook Road in the village of Centerbrook, Essex, CT. HOPE plans to renovate the existing condo units into 17 units of housing and make much needed improvements to the building and site. The project will be known as The Lofts at Spencer’s Corner and will include 1, 2, and 3 bedroom units on the second and third floors with the rents set as affordable on the sliding scale determined by HUD. The first floor of all four buildings and the second floor of one building will continue to be occupied by the existing commercial establishments.
Financing for the acquisition was provided primarily by Local Initiatives Support Corporation (“LISC”). The project has received zoning approval from the Town of Essex and construction is expected to commence in the early spring. Financing has been provided by Essex Savings Bank, the Connecticut Department of Housing, and Federal Home Loan Bank.