Construction and restoration have begun on affordable housing units at the historic Warren Hall building in Boston’s Brighton neighborhood, The project is a collaborative effort between Allston Brighton CDC (ABCDC), Schochet, Mayor’s Office of Housing at the City of Boston (MOH), Community Economic Development Assistance Corporation (CEDAC), MassHousing and the Executive Office of Housing and Livable Communities, with private sector equity provided by R4 Capital and Dorfman Capital.
Warren Hall, 329-337 Washington St., was built in 1879 and is a historically significant structure in Brighton Center, with 33 apartments on the upper floors to be converted to 35 units, six first-floor commercial bays to be converted to three commercial spaces and two residential ADA-compliant apartments. The building was converted into housing in the 1970s.
Following the expiration of the HUD-insured Section 236 mortgage after the initial 40-year period, affordability was not extended by building ownership, and, over the years, the private owner delayed critical repairs. Through a collaboration between ABCDC, Schochet, MOH and CEDAC, the building was purchased in 2024 with the goal of repairing the site and reintroducing affordability.
The U.S. labor market is sending mixed signals. According to Marcus & Millichap, 162,000 jobs were added in August, with June and July numbers revised upward by a combined 55,000. Approximately 80% of August’s net job gains were primarily in food services, local government and health care. At the same time, hiring remains sluggish, and...
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Avison Young arranged a $115-million first mortgage loan on behalf of an affiliate of Rockrose Development for the Eagle Lofts Collection, Phase 2, a 301-unit, luxury residential property located at 43-14 Queens St. in Long Island City. The financing was provided by Fannie Mae through Wells Fargo Multifamily Capital as its DUS Lender. Avison Young’s...
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MassDevelopment issued a $7,760,000 tax-exempt bond on behalf of 207 E Street LLC, an affiliate of South Boston Neighborhood Development Corporation, to convert the vacant former St. Augustine’s convent at 207 E St. in South Boston into seniors housing. Eastern Bank purchased the tax-exempt bond, which helped the organization achieve a lower cost of capital....
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