MassDevelopment Bond Helps Build Affordable Housing in Boston's South End
July 26, 2018
FOR IMMEDIATE RELEASE
Kelsey Schiller, MassDevelopment, 617-330-2011 & 617-694-9695 (cell)
FOR RELATED BEAL
Conor Yunits, Solomon McCown & Co, 617-933-5270 & 857-276-8479 (cell)
MassDevelopment has issued a $7.8 million tax-exempt bond for South End 10 LLC, an affiliate of real estate firm Related Beal. Related Beal will use bond proceeds to build 35 of the 55 on-site affordable residences at its new development at 370-380 Harrison Avenue in Boston’s South End. This mixed-use project will contain 273 total units, consisting of both market-rate and affordable rental units and condominiums, 8,500 square feet of ground floor retail, and 180 underground parking spaces.
The 35 affordable residences funded by the MassDevelopment bond will consist of six studio units, six one-bedroom units, 19 two-bedroom units, and four three-bedroom, family-sized units. Thirty-one of these units will be rented to households earning no more than 50 percent of area median income (AMI), while the remaining four will be reserved for households earning no more than 30 percent of AMI.
In total, 370-380 Harrison Avenue will have 55 on-site affordable residences, representing 20 percent of the building’s total units. In addition to the 35 units funded by the MassDevelopment bond, another 17 apartments will be rented to households earning no more than 70 percent of AMI, and three condominiums will be restricted to buyers at income levels of 80 and 100 percent of AMI. The 370-380 Harrison Avenue property will also include 120 market-rate apartments and 101 market-rate condominium units.
“This mixed-use development will breathe life into an underused property in an up-and-coming area of Boston’s South End neighborhood,” said MassDevelopment President and CEO Lauren Liss. “MassDevelopment is proud to support the inclusion of 35 new affordable housing units at this site, which will ensure this development remains accessible to families of all incomes in the community.”
“Our 370-380 Harrison Avenue development will provide much-needed affordable housing to the South End, and we are particularly thrilled to include these units on-site and create a true mixed-income community that benefits the entire neighborhood,” said Kimberly Sherman Stamler, President of Related Beal. “We are grateful for MassDevelopment’s support in financing this key part of the project and look forward to delivering a diverse mix of rental and homeownership units to the South End.”
Related Beal is a fully integrated real estate firm focused on development opportunities in and around Boston, with expertise across all asset classes in residential, commercial, life sciences, hospitality, property management and investments. Some of Related Beal’s notable Boston residential projects include Lovejoy Wharf, The Clarendon, and One Back Bay.
This year, Related Beal also opened The Beverly, Boston’s first 100 percent workforce and affordable housing development in 25 years, which offers 239 apartments and ground floor retail. MassDevelopment in 2015 issued a $52 million tax-exempt bond and $33,750,000 taxable bond to support this project.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2017, MassDevelopment financed or managed 377 projects generating investment of more than $4.3 billion in the Massachusetts economy. These projects are projected to create about 9,488 jobs and build or rehabilitate 1,863 residential units.