MassHousing Provides Financing for Somerville Affordable Project
MassHousing and Just A Start recently closed on financing for 24 Webster Ave. in Union Square in Somerville, which will deliver 43 new, deeply affordable rental homes on the site of a vacant commercial space. MassHousing is providing $17.8 million in financing through the Agency’s Conduit Loan Program. TD Bank is additionally providing $22.8 million in construction financing.
Just A Start will demolish a vacant commercial building and develop the new apartment homes in a six-story building to Passive House standards. “This is a truly transformative project that will produce 43 brand new, energy efficient affordable rental homes in one of the most expensive neighborhoods in the Commonwealth,” said MassHousing CEO Chrystal Kornegay
Additional sources of financing include $21.2 million from the allocation of federal and state Low Income Housing Tax Credits by the Massachusetts Executive Office of Housing and Livable Communities (EOHLC), and $3.2 million in direct support from EOHLC, among other state and local sources.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout