MassDevelopment Helps Gardner's Olde English Village Preserve, Renovate Affordable Housing
March 2, 2016
FOR IMMEDIATE RELEASE
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
Lauren Michaels, Related Beal, 617-933-5014
MassDevelopment has issued a $12.9 million tax-exempt bond on behalf of Olde English Village Preservation, L.P., which will acquire and renovate Olde English Village, a 200-unit affordable multi-family housing facility in Gardner. All 200 units are designated for households earning no more than 60 percent of the area median income, and Related Beal, the project’s sponsor, is extending their affordability for 30 years through this transaction. Planned renovations- include new roofs, energy-efficient windows, siding, entry doors to townhouse units, intercom systems, and security camera monitoring system; upgraded bathrooms, hallways, kitchens; and mechanical equipment replacement.
Related Beal is the project’s sponsor. MassDevelopment also assisted DHCD with the approval of federal low income housing tax credits that will provide approximately $7.1 million in equity for the project.
“Preserving affordable housing is crucial for working individuals and families across the Commonwealth,” said MassDevelopment President and CEO Marty Jones. “Thanks to our partnership with Related Beal, a creative and trusted affordable housing developer, we will maintain affordability and renovate units at Olde English Village.”
Olde English Village, on 19 acres in Gardner, has 17 walk-up buildings, two townhouse buildings, and one building with community space. Related Beal is a real estate firm focused on development and investment opportunities in Boston and the surrounding region. Related Beal maintains a national real estate platform and back in December MassDevelopment issued a $52 million tax-exempt and $33,750,000 taxable bond on behalf of Beverly Street Residential IB LLC, another project of the real estate firm.
“Fulfilling our mission of providing and preserving affordable housing is a collaborative effort and process, and we are proud to partner with well-respected developer Related Beal to extend Olde English Village’s affordability and quality of life for its residents,” said Michael Mattos, executive director of Affordable Housing and Services Collaborative.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2015, MassDevelopment financed or managed 294 projects generating investment of more than $2.5 billion in the Massachusetts economy. These projects are projected to create about 6,100 jobs and build or rehabilitate about 2,000 residential units.