Boston – MassHousing has closed on $66.1 million in affordable housing financing to affiliates of Beacon Communities, LLC to advance the redevelopment of obsolete public housing at the Anne M. Lynch Homes at Old Colony in South Boston.
Originally constructed in 1940, Old Colony is one of the oldest federal public housing developments in the country and is one of the most distressed properties in the Boston Housing Authority’s (BHA) federal portfolio.
Beacon Communities and the BHA are redeveloping the 845-unit Old Colony development in multiple phases. The first two phases of the redevelopment have been completed, resulting in the replacement of distressed and blighted public housing with 245 new apartment units and town homes.
In this portion of the redevelopment’s third phase, Phase 3A, Beacon will replace four additional distressed buildings with two new, modern four-story properties, containing a total of 135 affordable homes. Additional phases of construction will follow.
MassHousing supported Phase 3A of the Old Colony redevelopment by executing two related transactions with affiliates of Beacon Communities. MassHousing is providing Beacon Communities with a total of $14.9 million in tax-exempt permanent financing, $13.6 million in tax-exempt bridge financing, $33.2 million in construction financing, and a $4.5 million taxable construction and permanent loan.
The contractor is Cranshaw Construction, the architect is The Architectural Team, Inc., and the management agent is Beacon Residential Management.