FORMER BROCKTON SNEAKER FACTORY TO SEE NEW LIFE AS ...



Massachusetts Housing Finance Agency

One Beacon Street, Boston MA 02108 Tel. 617.854.1000

TDD 617.854.1025 |

| FAX 617.854.1029



Contact:

Eric Gedstad: 617-854-1079 egedstad@

Eric Berman: 617-854-1843 eberman@

FORMER BROCKTON SNEAKER FACTORY TO SEE NEW LIFE AS AFFORDABLE CONDOS

Etonic Station Lofts is located Across the Street from Commuter Rail and City Bus Service

BOSTON – April 13, 2004 – MassHousing, the state’s affordable housing bank, recently made a $9 million loan commitment to help turn a former sneaker factory in downtown Brockton into Etonic Station Lofts, a 64-unit mixed-income condominium development. This transit-oriented development is located in the downtown area of Brockton, within walking distance to shopping and across the street from an MBTA commuter rail stop and a Brockton Area Transit bus station.

“Etonic Station Lofts is the type of ‘smart growth’ development that can really make the difference in increasing the state’s supply of affordable housing,” said MassHousing Executive Director Thomas R. Gleason. “Not only will an old sneaker factory provide new affordable home ownership opportunities for 64 families, but the building’s proximity to public transportation and shopping will help Brockton with its efforts to bring back its once-thriving downtown residential community.”

Formerly an assembly plant for the athletic shoe company Etonic Worldwide, Etonic Station Lofts will consist of 64 two-bedroom condominiums in one six-story building located at 147 Center Street in Brockton. The building is located directly across the street from an MBTA commuter rail station and Brockton Area Transit bus station.

“We are pleased that our transit-oriented 'Etonic Lofts' project will help contribute to the revitalization of downtown Brockton,” said Jim Goldenberg, Managing Director of Cathartes Private Investments, one of the project’s developers. “Thanks to the cooperative efforts of MassHousing and the City of Brockton, our development team will have the opportunity to create a vibrant, residential neighborhood that will benefit from the educational, cultural, and recreational amenities of the city's transit center.”

The building will consist of 61 loft-style units ranging in size from 885 to 1,126 square feet, with projected sales prices between $189,900 and $219,000. The remaining three units are 1,076 square foot townhouses, which are expected to sell between $209,900 and $214,900. Because the projected sales prices fall within MassHousing’s acquisition cost limits for its home ownership programs, the Agency may also provide low-interest home mortgage loans to income-eligible first-time home buyers to purchase up to 25% (16) of the condominiums.

MassHousing made the $9.1 million construction loan under its Home Ownership Construction Loan Program to Brockton Centre Street, LLC, whose principals are Jeff Johnston, James Goldenberg, and Michael Juliano. The contractor is Tedeschi Realty Corporation and the architect is BK Architects, Inc. The marketing agent is Coldwell Banker.

The Massachusetts Housing Finance Agency, now doing business as MassHousing, is the leading provider of affordable housing in Massachusetts. Since 1970, MassHousing has provided more than $7.5 billion in financing for more than 79,000 units of mixed-income rental housing and over 43,000 mortgage loans for first-time home buyers. For more information, visit the MassHousing Web site at .

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