MassDevelopment Provides $129M in Bond Financing for Opus Newton Seniors Housing Project Near Boston
May 15, 2023 : REBusiness Online, Taylor Williams
NEWTON, MASS. — MassDevelopment has provided $129 million in tax-exempt bond financing for the construction of Opus Newton, a 174-unit seniors housing project that will be located on the western outskirts of Boston.
The borrower and developer is locally based nonprofit organization 2Life Communities. Construction began in March and is scheduled for completion in mid-2025.
Opus Newton, an age-restricted complex with units reserved for renters age 62 and above, is being constructed on four acres at 777 Winchester St. The property will house 62 two-bedroom units and 112 one-bedroom apartments.
Amenities will include a library, café, business center, game room, volunteer hub, convenience store, art room, fitness studio and classrooms. In addition, onsite staff will be available to coordinate home and health services based on resident needs.
According to the development team, Opus Newton will meet the needs of seniors who earn too much to qualify for affordable housing units but cannot comfortably afford other high-end housing options in the area. Of the property’s 174 units, nine will be reserved for households earning 80 percent or less of the area median income.
The market-rate units will partially maintain low rents by using volunteers from the community in place of some paid employees.
“2Life Communities has invented a new housing option for middle-income older residents here in the City of Newton,” says Newton Mayor Ruthanne Fuller. “Community members share their time and talents, fostering community life and lowering operating costs.”
“This new housing development will provide middle-income seniors with an opportunity to downsize and age in community at a vibrant independent living environment,” adds MassDevelopment president and CEO Dan Rivera.
The site is located next to 2Life’s Coleman House on the Jewish Community Center (JCC) Greater Boston campus. 2Life partnered with the JCC to offer an intergenerational living experience and allow seniors to tap into the surrounding neighborhood. The community is approximately 95 percent preleased already.
MassDevelopment, the state’s development finance agency and land bank, works with businesses, nonprofits, banks and communities to stimulate economic growth across Massachusetts. During 2022, MassDevelopment financed or managed 356 projects generating investment of more than $1.69 billion in the Massachusetts economy. These projects are estimated to create or support 11,080 jobs and build or preserve 1,778 housing units, according to the agency.