MassDevelopment Issues Bond to Assist Conversion of Former Convent to Seniors Housing
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.
In addition to the tax-exempt bond, MassDevelopment assisted the Massachusetts Executive Office of Housing and Livable Communities with approval of federal tax credits that will provide approximately $11.7 million in equity for the project.
“Housing is essential to strong communities and a strong economy,” said Economic Development Secretary Eric Paley, chair of MassDevelopment’s Board of Directors. “By transforming the former St. Augustine’s convent into senior housing, we are carrying this historic property’s legacy forward while helping older adults remain rooted in the South Boston neighborhood they call home.”
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Josh A
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