MassHousing provides $29.7m financing for NeighborWorks Housing Solutions

Brockton, MA MassHousing has closed on $29.7 million in affordable housing financing to nonprofit NeighborWorks Housing Solutions (NHS) for the construction of 94 new affordable apartment homes adjacent to the Campello Commuter Rail station.

NeighborWorks Housing Solutions is remediating and redeveloping a former industrial site at 1200 Montello St. into a five-story, all-electric building designed to meet Passive House standards. A towing company and fuel storage facility occupied the site before relocating. NHS demolished the remaining vacant garage and office and removed contaminated soil before starting construction on the new Brockton South transit-oriented development.

“By repurposing this parcel right next to a Commuter Rail station with 94 brand new affordable, energy-efficient apartment homes, NHS is helping with the city’s efforts to revitalize the Campello neighborhood,” said MassHousing CEO Chrystal Kornegay.

MassHousing is providing NHS with a $5.1 million permanent loan, $23 million in tax credit bridge financing and $1.5 million in workforce housing financing.

Tags: Finance

Reprint

Previous Story Next Story

JLL arranges $67.256 million refinancing for Eliot on Ocean

Revere, MA JLL Capital Markets has arranged a $67.256 million refinancing for Eliot on Ocean, a 194-unit multifamily property. JLL represented the borrower, Invictus Real Estate Partners, in securing the three-year, floating-rate loan through Bridge Investment Group Holdings Inc.

Rockland Trust finances acquisition of Indian Pond Country Club for Palma of Kingston, MA

Project of the Month: DeLucia and De Lise completing a $10m investment at 967 Elm St. in Manchester NH known as Rendezvous on Elm

Lee & Associates NYC arranges $10.5 million in financing

Washington Trust finances $28.8 million construction loan for 104-unit The Village at South County Commons

Washington Trust finances $28.8m const. loan for 104-unit apt. project

READ ON THE GO

DIGITAL EDITIONS

Browse Now

Quick Hits

Construction Design & Engineering

Haverhill Public Library selects Erland Construction for renovation

Columns and Thought Leadership

Reverse exchanges and the challenges of a competitive real estate market - by Michele Fitzpatrick

Our current, highly competitive real estate market poses specific challenges for investors who are considering taking advantage of a tax-deferred 1031 exchange. In this market, investors will have no problem selling their current property if priced properly, but they may find it difficult to find a suitable replacement property

Massachusetts real estate transfers over $1 million face new tax rules as of November 1st - by Daniel Meyer

Attention to owners of real estate in the Commonwealth (and the title companies and other professionals who advise them), the Massachusetts Department of Revenue (the “DOR”) recently adopted a new “millionaire’s tax” via 830 CMR 62B.2.4

The focus on price per s/f compared to the comparable sales used in the appraisal report - by Dennis Chanski

Over the past several weeks, I have completed appraisal assignments for private clients. Interestingly, after submitting these appraisals, I received several phone calls – not to question the value, content, or any incorrect information, but rather to discuss the price per s/f compared to the comparable sales used in the report.

Are appraisers on the same page as the assessor? - by Richard Seman

The purpose of this article is to address problematic or confusing issues which may help assessors and appraisers to better understand how to value real estate for tax assessment purposes.