Financing deepens the relationship between the community bank and local nonprofit and will be used to create affordable housing for low-income residents in Melrose, Massachusetts
CAMBRIDGE, Mass.–(BUSINESS WIRE)–#SMBs—Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and over $6 billion in assets, today announced that it has provided the Melrose Affordable Housing Corporation (MAHC) with a 30-year, $500,000 commercial mortgage loan. The MAHC is a local nonprofit organization committed to establishing safe and affordable housing options for low- and moderate-income individuals who desire to live in Melrose.
The financing provided by CSB, combined with $430,000 in federal HOME funds administered by the North Suburban Consortium, will play a vital role in advancing the MAHC’s efforts to enhance housing accessibility in Melrose. This funding will support the acquisition and revitalization of a multi-family property located at 87 W. Wyoming Ave, resulting in the creation of three crucial affordable housing units, including one 3-bedroom and two 2-bedroom apartments.
“Cambridge Savings Bank’s intimate familiarity with Melrose and the needs of its residents made a significant difference throughout the process of acquiring our most recent affordable housing property,” said Steve Anderson, President of Melrose Affordable Housing Corporation. “Adam and his team have proven themselves to be great partners with a passion for supporting underserved communities. We’re thankful to have them as a partner as we continue to develop equal housing opportunities in our community.”
Since its acquisition of Melrose Bank in 2020, CSB has nurtured a strong relationship with the MAHC, a legacy customer of Melrose Bank. Initially, CSB sustained its commitment by managing loans for four of the MAHC’s properties. During the pandemic, CSB further extended its support to MAHC, demonstrating flexibility and understanding of the nonprofit’s needs. This ongoing partnership, culminating in the latest financing, underscores CSB’s dedication to strengthening community ties and supporting local organizations.
“Cambridge Savings Bank recognizes the importance of fostering community well-being and therefore actively supports the creation of affordable housing opportunities in our surrounding neighborhoods,” added Adam Bispham, VP, Corporate Banking Relationship Manager at CSB. “The Melrose Affordable Housing Corporation is doing important work by advocating for and taking action to support disadvantaged individuals and families in Melrose. It is an honor to call this organization a partner in our shared efforts to support underserved communities.”
This initiative is a key example of CSB’s dedication to community support and development, particularly in the face of growing housing challenges. In addition to its work with the MAHC, the bank has in recent years provided financing to support low-income housing initiatives for ROC USA, John M. Corcoran & Company, Strategic Land Ventures, and The Michaels Organization. The bank also recently donated to Cambridge Housing Authority and Caritas Communities to support programs focused on combating homelessness in Boston.
CSB’s commercial division is focused on serving the unique needs of its local communities and businesses, offering a full suite of Corporate Banking Lending, Asset-Based Lending, Commercial Real Estate Lending, Treasury Management, and Trade Services solutions. To learn more about CSB’s custom lending solutions, please visit cambridgesavings.com or contact Adam Bispham at email@example.com.
About Cambridge Savings Bank
Cambridge Savings Bank is a full-service banking institution with over $6 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of our employees, customers, and the communities we serve. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full line of individual and business banking services across a robust Massachusetts-based branch network and through digital banking solutions for commercial, small business and consumer customers. In March 2023, Kroll Bond Rating Agency Affirmed CSB’s investment-grade rating, reinforcing the bank’s position as a reliable business lender. To learn more about how CSB can meet your needs, visit us at cambridgesavings.com, or better yet, come meet us to help you make the most out of your banking relationship. Member FDIC. Equal Housing Lender.
About Melrose Affordable Housing Corporation
The Melrose Affordable Housing Corporation (MAHC) is a nonprofit organization that provides safe and affordable housing to low- and moderate-income individuals who want to live in Melrose, Massachusetts. Under the leadership of our 6-member Board of Directors, the MAHC currently manages 5 properties with 15 housing units benefitting 28 individuals. For more information, please visit: www.melroseha.com/affordable.