MassDevelopment Bond Helps Redevelop 36 Units of Affordable Housing in Roxbury
February 20, 2019
FOR IMMEDIATE RELEASE
Kelsey Schiller, MassDevelopment, 617-330-2011 & 617-694-9695 (cell)
Matt Mittelstadt, EA Fish Development LLC, 781-380-1616
MassDevelopment has issued a $5.3 million tax-exempt bond on behalf of EAFD Brook Ave Developer LLC, an affiliate of EA Fish Development, which will use bond proceeds to buy and renovate a multi-family rental housing facility in Boston’s Roxbury neighborhood. Brook Avenue Cooperative consists of 36 three-bedroom units, all of which will be rented to households earning no more than 60 percent of area median income, and existing tenant-families will not be displaced during transfer of ownership or rehabilitation. Renovations will include replacing the building’s plumbing and heating systems and repairing roofs, windows, and siding panels. MassDevelopment also assisted the Massachusetts Department of Housing and Community Development with the approval of federal low-income housing tax credits, which will provide approximately $2.4 million in equity for the project. Citizens Bank purchased the bond.
“MassDevelopment is proud to assist EA Fish Development as it preserves 36 affordable homes in Roxbury,” said MassDevelopment President and CEO Lauren Liss. “These renovations to Brook Avenue Cooperative will ensure the facility remains a vibrant part of the community and an important source of affordable housing for years to come.”
Established in 1975, EA Fish Development develops high-quality and community-sensitive residential, commercial, and mixed-use projects. To date, EA Fish Development has completed more than $1.8 billion in completed projects, including 15,000 housing units, plus more than one million square feet of office and commercial developments throughout the northeast and Florida.
“The EA Fish Development team was thrilled to partner yet again with the Department of Housing and Community Development, MassDevelopment, Massachusetts Housing Partnership, the City of Boston’s Department of Neighborhood Development, Raymond James, and Citizens Bank on this exciting acquisition-rehabilitation program at Brook Avenue apartments,” said EA Fish Development Managing Director Matt Mittelstadt. “With a rigid year-end closing deadline, the ability and professionalism of all parties contributed to the success of the transaction.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2018, MassDevelopment financed or managed 384 projects generating investment of more than $4.1 billion in the Massachusetts economy. These projects are estimated to create or support 10,994 jobs and build or rehabilitate 830 housing units.