Trinity Financial Builds Transit-Oriented Housing with MassDevelopment Bond
February 1, 2016
FOR IMMEDIATE RELEASE
MassDevelopment has issued a $15,323,000 tax-exempt bond on behalf of Trinity Ashmont Two Mixed Use Limited Partnership, which is redeveloping the Ashmont Tire site in Boston’s Dorchester neighborhood into a mixed-use, transit-oriented development with commercial, retail, and residential uses. Trinity Financial, the project’s sponsor, is building 51 multifamily housing units in a six-story building that will include about 5,000 square feet of ground floor retail. All of the rental units - six studios, 26 one-bedrooms, and 19 two-bedrooms – will be for households earning no more than 60 percent of area median income. The fifth and sixth floors will contain 28 market-rate condos and four affordable condos that are financed outside of this tax-exempt bond transaction. MassDevelopment also assisted the Department of Housing and Community Development with the approval of federal low-income housing tax credits that will provide approximately $11.3 million in equity for the project. Boston Private Bank purchased the bond.
“Trinity Financial has successfully developed transit-oriented projects in both Boston and Gateway Cities, and we’re pleased to work with the company on this transaction and others across Massachusetts,” said MassDevelopment President and CEO Marty Jones. “Tackling housing affordability issues takes creativity and dedication, and I appreciate Trinity’s approach to this challenge with its latest project.”
Trinity Ashmont is a short walk from the Ashmont MBTA Station and is across the street from The Carruth, another transit-oriented development that a Trinity affiliate completed in 2007. MassDevelopment has issued tax-exempt bonds on behalf of several Trinity Financial projects, including Boston’s Mattapan Heights, Fairfax Gardens in Taunton, Northampton Street in Boston, and Brockton’s Enterprise Block.
“Trinity couldn’t be happier to have worked with its state, city and local partners on this complicated transaction,” said Matt Zahler, Trinity’s project manager for the Ashmont TOD2 development. “Continuing to transform Boston’s Ashmont neighborhood requires the participation of financial partners like those on the Ashmont TOD2 team who can fully appreciate the Mayor’s exciting vision for this transit oriented development location, and the City’s efforts to continue to create mixed income rental and for-sale housing in all of Boston neighborhoods.”
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.