Madison Park Development Corporation (MPDC)

Boston

Hibernian Hall, renovated by Madison Park Development Corporation to serve as its headquarters office building, serves as a vibrant cultural and arts center in Dudley Square.

Madison Park Development Corporation (MPDC) is one of the oldest community development corporations in Boston, and one of the premier such organizations nationally.  The Boston Redevelopment Authority (BRA) demolished hundreds of homes, churches, and commercial buildings in the Lower Roxbury neighborhood in the early 60’s.  In 1966 local residents formed MPDC to serve as the redevelopment entity for the area.  MPDC’s original focus, Madison Park Village, comprises 526 units of elderly and family housing.  Among its other signature projects are the 331 unit Orchard Gardens development, new construction and rehabilitation which transformed one of Boston’s most troubled public housing developments, and Davenport Commons, a joint venture with Northeastern University which consists of 125 rooms of dormitory housing for NU students, and 60 units of homeownership housing.

In 2003 MPDC acquired Hibernian Hall, a former Irish social club at 184 Dudley Street.  The property was vacant at the time, and in extremely poor physical condition.  MPDC completed a thorough renovation of the property in 2005, using the New Markets Tax Credits program.  TLI participated in a loan pool to finance the debt portion of the deal.  MPDC moved its corporate offices into Hibernian Hall, and leased retail and office space to other users.  MPDC also restored the grand ballroom in the Hall, which it uses for arts programming.  By 2012, the tax credit holding period was ending, so MPDC sought to simplify the financing structure of Hibernian Hall.  TLI was delighted to help recapitalize MPDC’s home with new long term, first mortgage financing.

• Eight year leverage loan for New Markets Tax Credits
• First mortgage permanent debt