Work Underway for Concrete Core at Brockton Affordable Housing Project
Work has started on the concrete core for Sycamore on Main in downtown Brockton. The upcoming 5-story building will offer 48 deed-restricted apartments, a mix of 1, 2, and 3 bedrooms. The project which will also include ground-floor retail space is being built on a formerly vacant lot.
MHP Closes on $2.5M Permanent Loan for Walker Park Apartments
Continuing its history of supporting Urban Edge’s efforts to provide affordable housing for the residents of Dorchester, Roxbury, Jamaica Plain and Mattapan, the Massachusetts Housing Partnership (MHP) has just closed on a $2.5 million low-interest permanent loan for Walker Park Apartments.
Located at 67 and 80 Walnut Park and just north of Egleston Square, Walker Park features 49 new affordable apartments in two energy-efficient buildings built on lots previously occupied by single-family homes that were vacant. One building is next to a public park and another is next to a branch of a Boston Public Library.
Named after the late Delphine Walker, neighborhood activist and mother who raised her family at 80 Walnut Park, Walker Park Apartments consists of 13 one-, 28 two- and 8 three-bedroom apartments. Thirty-eight apartments are affordable to households below 60 percent of area median income and 11 are affordable to families earning under 30 percent of area median income. Five of these homes are set aside for families transitioning from homelessness. Six of these homes are set aside for people with disabilities.
MHP’s $2.5 million loan enabled Urban Edge to secure low-cost financing with a 16-year term and 30-year amortization at an annual fixed interest rate of 3.88 percent. This was done through what’s known as a direct bond placement in which tax-exempt bonds issued by MassDevelopment were purchased by Bank of America, with its proceeds converted to an MHP permanent loan upon completion of construction and leasing of apartments.
“During these uncertain times, we are proud to be able to provide Urban Edge with this low-cost financing so it can continue to provide affordable housing and services to the neighborhoods and people it has served so well for over five decades,” said Clark Ziegler, MHP’s executive director. “Strong community-based nonprofits like Urban Edge hold the city’s neighborhoods together and we’re proud to support them at a time when they are needed more than ever.”
Plumbing & Gas Permits Pulled for 2 Buildings in the Whittier Choice Redevelopment
A series of plumbing and gas permits have been pulled for 25 Whittier Street & 180 Ruggles Street within the Whittier Choice development. The redevelopment will create a total of 387 residential units, apartments & condos, along with 7,680 square feet of retail space. The first phase of the project opened earlier this year.
$1.3M In Affordable Housing Financing Finalized for 28 Austin St. in Newton
MassHousing has closed on $1.3 million in affordable workforce housing financing to Austin Street Partners LLC, for the new, 68-unit 28 Austin Street in Newton, which offers 23 workforce housing apartments for lower- and moderate-income households. The building features 33 one-bedroom apartments and 35 two-bedroom apartments along with a 90 space parking garage and amenities including a fitness center, and resident lounge.
"MassHousing was pleased to be a partner with the development team and the City of Newton in this transformative project that turned a city parking lot into a new community with 68 units of mixed-income rental housing with retail and public space," said MassHousing Executive Director Chrystal Kornegay. "We applaud the City of Newton’s commitment to housing the Commonwealth’s workforce and congratulate Dinosaur Capital Partners and Oaktree Development on a job well done."
Core in Place for Affordable Housing Development in Revere
The concrete core is in place for the upcoming 51 unit affordable housing development at 571 Revere Street. The transit-oriented project will offer units ranging in affordability from 30% through 120% AMI. The building has also been designed to passive house principles.
Electrical Permit Pulled for 571 Revere St
A permit for electrical install has been pulled for 571 Revere Street on Boston's North Shore. The upcoming building will feature 51 rental units above a 2 level parking garage. The site is within a 10-minute walk of the Wonderland MBTA station and five-minutes from Revere Beach.
CO Issued for First Units at Whittier Choice in Roxbury
Certificates of Occupancy have been issued for the first group of units completed as part of the Whittier Choice redevelopment in Roxbury. The multi-phased project will create a total of 387 housing units, a mix of affordable and market-rate apartments and condos. The project will also include approximately 7,680 square feet of retail space.
Interior Finishing Nearly Complete for The Hattie Kelton Apartments
Interior finishing along with a few final exterior touches are wrapping up for the Hattie Kelton Apartments at 61 Heath Street in Mission Hill. The project will feature 47 affordable units a mix of one, two, and three bedrooms. The building also includes around 1,000 square feet of ground-floor commercial space plus parking for 20 cars.
Medford Luxury Apartment Building Acquired for $23.125 Million
Bulfinch has acquired Sphere, a luxury apartment building located at 640 Boston Ave in Medford, MA for $23.125 million.
The 47,507 square foot building features 42 residences with ground-floor commercial space and is located on the Somerville/Medford town line at the foot of the future Ball Square MBTA Green Line Station. Delivered in July 2017 by developer Dark Horse Capital Partners, Sphere features 22 one-bedroom residences and 20 two-bedroom residences with nine distinct floor plans.
Interior Finishing Underway for First Phase of the Whittier Choice Redevelopment
Interior finishing is now underway for the first phase of the Whittier Choice redevelopment in Roxbury. The redevelopment will create a total of 387 residential units plus around 7,600 square feet of retail space. The new buildings will contain a mix of affordable and market-rate residential units ranging in size from studios to four-bedrooms.
Oaktree, Dinosaur Capital Complete Newton Mixed-Use Development
Austin Street Partners, a joint venture between Oaktree Development, an award-winning developer of transit-oriented, mixed-use, multifamily developments, and Dinosaur Capital Partners, a Boston-based real estate developer, and investor, has completed 28 Austin, a mixed-use development that transforms a time-worn municipal parking lot into 68 apartments and 5,000 square feet of retail. Located in the village of Newtonville, 28 Austin is Newton’s first new multi-family housing north of Route 9 in more than a decade and was created via a unique private-public partnership between the City of Newton and Austin Street Partners that designates 23 of the apartments as affordable.
“28 Austin provides much-needed housing options for the region’s thriving workforce as well as for residents wanting to remain in Newton as they downsize from their single-family homes,” said Gwendolen Noyes, COO of GreenStaxx and partner at Oaktree Development. 28 Austin is located directly across from Star Market and within easy walking distance to a host of village shops, service-oriented businesses, and over a dozen restaurants. The commuter rail is located just two blocks away and there is easy access to MBTA bus transportation, including express-bus routes to Downtown Boston.
Designed by Stantec and constructed by NEI General Contracting, 28 Austin was built using GreenStaxx modular building technology, a patented design system designed by Oaktree principal Arthur Klipfel, which uses pre-designed and pre-engineered units that can be assembled like Lego blocks to fit any site. In addition to the apartments and retail space, there are 90 underground parking spaces for residents as well as 123 surface level public parking spaces. A new public plaza and playground improve the former municipal parking lot. A rooftop solar array provides over fifty percent of the building’s electrical needs, and 28 Austin is LEED certifiable, utilizing efficient heating and ventilation systems, fixtures and lighting.
The fully accessible apartments feature 9’ ceilings, oversized high-efficiency windows, and modern kitchens with Energy Star appliances, including Fisher & Paykel refrigerators, Bosch dishwashers and washer/dryers, double bathroom vanities, and luxury plank floors. Resident amenities include a hotel-like lobby with a secure package room, resident fitness room with state of the art LifeFitness exercise equipment, a guest suite, a dog park, and a resident lounge featuring a living room, dining room, library, meeting space, and sky deck with fire pit and pergola.
Residents began moving in in September, and retailers Henry Bear’s Park, a toy store, will open for Christmas and Caffé Nero, the bakery and café, will open in early 2020. The residential portion of 28 Austin is professionally managed and leased by the Nordblom Company, and Avison Young is the exclusive leasing agent for the retail space.
At the grand opening ceremony held in late October, Scott Oran, principal of developer Austin Street Partners, thanked the broad array of Newton civic organizations and residents for their support over the many years it took to bring the project to fruition. “Thank you for showing up, repeatedly and with conviction, for years and years in many cases, to make this building a reality,” said Oran. “If it takes a village to raise a child, it surely took a city to raise this building.”
Revere Development Secures $23.15 Million in Financing
The upcoming development at 571 Revere Street in Revere, MA by The Neighborhood Developers has secured $23,150,703 in financing -- with $15 million of the funds coming from Santander Bank.
571 Revere is a transit-oriented, new construction development that will create 51 new rental homes for families on a blighted, vacant property. The site is within a 10-minute walk of the Wonderland MBTA station, a five-minute walk of Revere Beach and adjacent to “Waterfront Square,” where the City of Revere has encouraged private investment and economic development through the creation of more than 600 market-rate rental apartments.