MassDevelopment Issues $25.8M in Bond Financing for Elizabeth Brook Apartments in Stow, Massachusetts

by Jeff Shaw

STOW, Mass. — MassDevelopment has issued $25.7 million in tax-exempt bond financing to fund renovation and expansion of Elizabeth Brook Apartments, an affordable seniors housing community in Stow, approximately 25 miles west of Boston.

SEHC Elizabeth Brook Apartments Limited Partnership, an affiliate of Stow Elderly Housing Corp., is developing the project, which includes renovating the existing 50 units while adding a 37 additional units.

The new building will be adjacent to the existing apartment complex and will create a campus and continuum of care. Minuteman Senior Services will provide case management to the building’s residents, including assessment and support services. 

Construction began in October 2023 and is scheduled for completion in April 2025. Eastern Bank purchased the bonds.

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 $23 million in equity for the project.

You may also like