A 74-unit condominium building in Everett has become, with a generous dollop of state funding, a 74-unit apartment building with 47 affordable units.

The building, Parkway Heights, sits on Chelsea Street. The skyline views from the sixth floor are said to be grand. Also sweet: The developer, Winn Residential, got almost $3 million in tax credits from the state, and a $5.9 million loan from the Mass Housing Partnership, to convert the building from condos to apartments.

I'm not sure I entirely understand why it costs millions of dollars to convert condos to apartments, or luxury to affordable. Shouldn't it only cost money to convert from affordable to luxury? But maybe the building simply wasn't finished.

The initial loan was approved about a year ago. The building is now being marketed. I wandered across it while researching this morning's post and thought, what an interesting example of what can happen during a real estate downturn.

Anyone aware of other examples of condos becoming apartments?

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