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GLOUCESTER, MA-The Gloucester Development Team Inc. has secured a $9.8-million loan to refinance Central Grammar Apartments, an 80-unit senior housing apartment in Gloucester. The financing, which include a $2.9-million construction loan and a $6.9-million bridge loan, was provided by MassHousing.

The Gloucester Development Team also obtained $695,000 in funding for the senior home from the Affordable Housing Trust Fund. The developer purchased the property in 1975 from the city Gloucester with MassHousing financing.For the full story, go to Boston Business Journal.

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