Mixed-income multifamily housing project
Boston – MassDevelopment has issued a $52 million tax-exempt and $33.75 million taxable bond on behalf of Beverly Street Residential IB LLC, a mixed-income multifamily housing project in Boston. Related Beal, the project sponsor, is using bond proceeds to build a mixed-use development of a 239-unit, 100% affordable and workforce building and hotel bordered by Beverly Street, Valenti Way, and Haverhill Street. The 14-floor building will house roughly 200,000sf of residential space, 9,500sf of ground-floor retail, and 173 above-grade parking spaces.
MassDevelopment also assisted the Department of Housing and Community Development with the approval of federal low-income housing tax credits that will provide about $7.4 million in equity for the project.
“With this project, Related Beal is taking a novel approach to addressing the vital challenge of increasing the supply of workforce housing in Boston,” said MassDevelopment president and CEO, Marty Jones.
