Completed projects

Glen Brook Way Apartments, Medway

Congratulations to former Executive Director, Jennifer Van Campen, current Executive Director, Caitlin Madden, current Senior Real Estate Project Manager Derek Hansen, and former Senior Real Estate Project Manager, Claire Comeau, all of Metro West Collaborative Development, Inc. for the construction completion of Glen Brook Way Apartments, phase one of a two-phased multi-family and senior housing development in Medway. Glen Brook Way Apartments creates 48 one-, two-, and three-bedroom units in four buildings and is funded in part with federal and state Low Income Housing Tax Credits, as well as a mix of state housing funds. The DHCD funds leveraged $1.1 million of local CPA funds and created housing affordable to households earning up to 60% of the area median income, including 15 reserved for extremely low-income households. Thirty-two units are visitable by people using wheelchairs and meet Universal Design standards; six units are fully accessible. The site design includes a new roadway, 73 parking spaces, a tot lot, bicycle storage and open green space. The project benefits its residents, as well as the Town of Medway, where a limited affordable housing stock is resulting in a growing housing cost burden, especially among young families and senior citizens.

*Building C, which includes 21 apartments, a community room and will eventually connect to the Phase 2 senior housing project.*

From left to right: Wendy Cohen (NSD), Sara Barcan (formerly of CEDAC), Amanda Roe (MHP-Permanent Lender), Alma Balonon-Rosen (MHP), Bruce Ehrlich (formerly of MHIC), Caitlin Madden (Executive Director, MWCD)

Dracut Town Hall Annex

As of the summer of 2022, the Town Hall Annex, a former school building in Dracut, is home to nine low- and moderate-income households. This important adaptive reuse development offers affordable housing with a preference for veterans and local residents. Located at 11 Spring Park Avenue, the signature 1898 structure now offers four two-bedroom units, four one-bedroom units, and one studio, including two fully accessible units. The state housing award leveraged more than $1.2 million of Town of Dracut Community Preservation Act funding and benefits from historic tax credits. Coalition for a Better Acre partnered with Veterans Northeast Outreach Center of Haverhill, as well as the local non-profit Veterans Assisting Veterans, to maximize its outreach to and engagement with local veterans. Congratulations to Coalition for a Better Acre’s Executive Director Yun-Ju Choi, former project manager Russell Pandres, and Thomas Emery current Director Real Estate, and the rest of the CBA team for completing this innovative project.

*Preserved historic stairwell with original brass dust corners*

Downing Square Broadway Initiative, Arlington

The Downing Square Broadway Initiative project is complete and 48 new residents have moved into the one-, two-, and three-bedroom affordable rental units on two sites within 1 mile of each other in Arlington. The DSBI project included the environmental remediation of a brownfields site; the creation of a new storefront for Arlington Eats, a local food pantry; and the construction of 48 affordable housing units in three buildings in a highly desirable place to live in the Boston metro area. Both sites provide access to services, shopping, restaurants, schools, cultural activities, parks, and other open spaces, including the Minuteman Trail. Congratulations to Housing Corporation of Arlington’s Executive Director Eric Schwarz, and the entire board and Peabody Properties management team!

Project Notes: DSBI was funded with a mix of 9% Low Income Housing Tax Credits, State Low Income Housing Tax Credits, state housing funds, Town of Arlington funds, and North Suburban HOME Consortium funds, as well as a private construction loan from PCI with participation from Leader Bank and a permanent loan from Leader Bank

*114 Lowell Street, formerly 19R Park Ave, at Minuteman Trail*

*117 Broadway, with Arlington Eats at ground level*

1530 Tremont, Mission Hill

We are pleased to announce the construction completion of Sociedad Latina’s new office building! In 2017, Sociedad Latina purchased 1530 Tremont Street in Mission Hill to be the future home of the organization’s offices. The building needed significant rehabilitation to meet the needs of its program and office space. After two years of fundraising and planning, under the direction of Alex Oliver-Davila its Executive Director, and xx months of construction, we are excited that Sociedad Latina can call 1530 Tremont Street their home. The funding sources include New Market Tax Credit equity provided by Capital One using a NMTC allocation by La Raza Development Fund and a permanent loan from Eastern Bank. More than half of the $5+ million cost of the acquisition and renovation was sourced by a combination of public sources, including a grant from the Massachusetts Cultural Facilities Fund and private foundations.

*Photo complements of Architect, Studio Luz Architects*

Sirk and Chestnut Square Redevelopment, Lowell

Sirk and Chestnut Square Redevelopment, under the direction of The Caleb Foundation, is now complete! This projected involved the rehabilitation of two existing tax credit financed properties located in the City of Lowell, including 13 buildings and a community building. NSD assisted The Caleb Foundation in assembling the financing package that preserves and extends the affordability of 87 one-, two-, three-, and four-bedroom units and created one new four-bedroom unit by permitting and rehabilitating an existing vacant and dilapidated home. The project benefited from an Affordable Housing Program Grant from the Federal Home Loan Bank, 4% LIHTC and tax-exempt bond financing, Historic Tax Credits, and state and local financing. Congratulations to Debbie Nutter and Patrick Brennick of The Caleb Group and its team, including WNC as the syndicator for the Low Income Housing Tax Credits, Rockland Trust as the Lender and MassDevelopment as the bond issuer.

O’Connor Way Senior Housing, South Boston

O’Connor Way Senior Housing in South Boston, a joint venture of South Boston NDC and Caritas Communities, opened in 2020 with 46 affordable one-bedroom apartments for seniors. The building, now fully operational, is located on formerly vacant land owned by the Boston Housing Authority. The project was funded through 4% LIHTC equity, tax exempt bonds, Inclusionary Development program funds, and project based section 8 through the Boston Housing Authority. Residents benefit from the site’s location convenient to amenities and public transportation, an on-site resident manager, a senior advocate and resident services provided by South Boston Neighborhood House.

*New construction on an infill parcel formerly owned by the BHA*

RESIDENCES AT SALISBURY SQUARE (SALISBURY)/COMPLETED

The Residences at Salisbury Square on Maple Street and Elm Street is a $14 million project undertaking of the YWCA of Greater Newburyport. This residence will include 42 units of affordable housing and of which 26 units will be built at the former Spalding School and 16 will be new construction on Elm Street. The units are for extremely low income and very low-income families. Three units will be made available for households for people with disabilities with incomes less than 30 percent of the area median income (AMI); five units will be built for homeless families with 30 percent of AMI; ten for households with incomes below 50 percent of AMI; an additional eight for those with 30 percent AMI; and 16 units will be held for those who make below 60 percent of AMI.

Project Notes: This project was funded using 9% LIHTC equity, a local bank permanent mortgage using an FHLB of Boston subsidized advance, an FHLB of Boston Affordable Housing Program grant, a local bank construction loan, State bond-funded sources, North Shore Consortium HOME funds, and the Town’s Affordable Housing Trust.

Mohawk Forest

Mohawk Forest involved the rehabilitation and refinancing of a 50-year-old affordable family development consisting of 190 units in 31 buildings, including 23 townhouse buildings, 7 two-story garden style buildings, and a community building. The rehabilitation addressed a number of capital needs, including upgrades to meet building code requirements, increasing the number of accessible units, extending the existing Section 8 contract, and increasing the number of tax credit eligible apartments from 171 to 183. Sources of funding include 4% LIHTC, Tax Exempt Bond financing issued by MassDevelopment, MA DHCD subordinate debt, and Federal Home Loan Bank of Boston. Citizens Bank is the construction and permanent lender, and NEF is the tax credit equity provider. Congratulations to The Caleb Group for completing this very important rehabilitation project in North Adams, MA!