MassDevelopment Issues $21.8M Bond Financing for Affordable Project in Boston

by Jeff Shaw

BOSTON — MassDevelopment has issued a $21.8 million tax-exempt bond for the construction of a mixed-use building in Boston’s Hyde Park neighborhood that will feature 63 units of affordable seniors housing and ground-floor retail. The borrower is CCC River LLC, an affiliate of B’nai B’rith Housing of New England Inc. 

The new building will replace an underutilized commercial space containing an auto repair shop, and will be built to LEED and Passive House standards. 

The 63 one-bedroom units will be rented to households earning up to 30 percent, 50 percent and 60 percent of the area median income ($31,170, $51,950, and $62,340, respectively, for a one-person household). B’nai B’rith Housing will provide onsite resident service coordination. 

Eastern Bank purchased the bond, which helped CCC River LLC 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 the approval of federal Low-Income Housing Tax Credits that will provide approximately $16.1 million in equity for the project.

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