Gardner, MA Related Beal has taken ownership of Olde English Village, a multifamily affordable housing community, spanning across 17 acres on Manca Dr. off Rte. 2. The community consists of 200 residences in 20 buildings for households earning no more than 60% of the Area Median Income. This transaction extends the affordability period for 30 years. Related Beal is a seasoned developer focused on investment opportunities in Boston and its surrounding areas including affordable, workforce and market-rate housing.
Related Beal will complete substantial renovations that will include new roofs, energy-efficient windows, new siding, and entry doors to townhouse units. Intercom systems and mechanical equipment, bathrooms, hallways and kitchens will be upgraded. Related Beal partnered with Affordable Housing Services Collaborative Inc. (AHSC) on the project. Related Beal will be the developer.
Citibank acted as the lender for Related Beal in the transaction, while Boston Financial was the investor. A 20-year Section 8 contract and bonds issued by MassDevelopment will also help fund this project. MassDev. also assisted the Department of Housing and Community Development with the approval of federal low income housing tax credits that will provide $7.1 million in equity for the project.
“Related Companies was founded on affordable housing and our Boston office, Related Beal, is bringing its expertise to New England to preserve the Olde English Village as a vibrant place for families to live,” said Related Beal vice president Ted Lubitz who oversees the company’s affordable developments in Boston and the surrounding area. “Successful affordable housing projects involve a substantial amount of collaboration and we are proud to partner with AHSC on this project. As we expand our affordable housing platform in Greater Boston, we look forward to identifying additional housing opportunities in the area.”
“Fulfilling our mission of providing and preserving affordable housing is a collaborative effort and process, and we are proud to partner with well-respected developer Related Beal to extend Olde English Village’s affordability and quality of life for its residents,” said Michael Mattos, executive director of AHSC.
“Preserving affordable housing is crucial for working individuals and families across the Commonwealth,” said MassDevelopment president and CEO Marty Jones. “Thanks to our partnership with Related Beal, a creative and trusted affordable housing developer, we will maintain affordability and renovate units at Olde English Village.”
“The property will undergo substantial renovations, including new interior, exterior, site and building system upgrades. Given the collaborative and capitalization of affordable housing projects, the exact purchase price is difficult to quantify. Various groups including us, MassDevelopment, Affordable Housing Services Collaborative Inc., Citibank, Boston Financial and the Department of Housing and Community Development are playing important roles essential to the preservation of Olde English Village as affordable housing for an additional 30 years of affordability while providing much needed capital improvements,” said Lubitz.
Related Beal looks forward to continuing Olde English Village’s Youth Resident Activities Program (Youth RAP). Youth RAP is a statewide resources program for children and young adults living in MassHousing developments. The program offers educational support, cultural and recreational activities, violence prevention and dispute resolution services and part-time summer jobs.
Related Beal is a division of Related Companies, one of the largest owners of affordable housing in the country. Related Beal is a fully integrated real estate firm focused on development and investment opportunities in Boston and the surrounding region. Related Beal leverages a national real estate platform with expertise across all asset classes and storied local experience in life sciences, commercial and residential development, property management and investment. Related Beal has developed, and is undertaking the development, of some of the most recognized buildings in the area including The Clarendon and One Back Bay, Congress Square and the Quinzani Bakery site in the South End. Related Beal also recently commenced construction of Parcel 1B, a mixed-use development that includes a 239-unit, 100 percent affordable and workforce residential building in downtown Boston.
