MassDevelopment Issues $17.8M in Bond Financing for Leland House Affordable Community in Waltham, Massachusetts

by Jeff Shaw

WALTHAM, Mass. — MassDevelopment has issued $17.8 million in tax-exempt bond financing on behalf of 2Life Leland LLC, an affiliate of 2Life Communities. The borrower will use bond proceeds to demolish a vacant former rest home at 21 Newton St. in downtown Waltham and build a three-story, 68-unit affordable rental housing facility for seniors in its place. 

Built in 1891, the existing building operated as The Leland Home before its closing in 2020. The new building, which will be known as Leland House, will include 66 one-bedroom apartments and two two-bedroom apartments. The property will also include two one-bedroom apartments for overnight staff. 

Brookline Bank purchased the bond, which helped 2Life Communities achieve a lower cost of capital.

Leland House will be constructed to Passive House building standards, including 100 percent electric HVAC and hot water systems and solar photo voltaic panels to promote economic, environmental and health benefits for residents. Universal design elements — especially in bathrooms and kitchens — will enable new residents to age in place at Leland House regardless of physical ability.

In addition to the tax-exempt bond, MassDevelopment assisted the Massachusetts Executive Office of Housing and Livable Communities with the approval of federal Low-Income Housing Tax Credits that will provide approximately $17.5 million in equity for the project.

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