Springfield, MA – MassDevelopment has issued a $37,890,326 tax-exempt bond and a $988,891 taxable bond on behalf of BC Baystate Place LLC, an affiliate of Beacon Communities LLC, which is using proceeds to buy, renovate, and equip the Baystate Place apartment complex located at 414 Chestnut St. in Springfield’s Memorial Square neighborhood.
Renovations to the complex will include replacing kitchens and bathrooms; installing new flooring, paint, and windows; reconfiguring and upgrading common areas; expanding the wellness center; renovating community and fitness rooms; relocating the management office and store; upgrading the courtyard; installing a new handicap ramp; upgrading and replacing building systems, including the elevators; resurfacing parking lots; and completing improvements to roofs, heating and cooling, ventilation, fire safety, plumbing stacks, water and waste lines, intercom and security systems, main breakers, switchgear, and unit electrical loan centers.
Built in 1974, Baystate Place contains 346 mixed-income rental housing units spread across three buildings that are eight to 13 stories tall. As part of the project, Beacon Communities will convert 63 units from market rate to affordable. Upon completion of the project, 35 units will be rented to families earning up to 30% of the area median income, $25,230 for a four-person household; 289 units will be rented to families earning up to 60% of the area median income, $50,460 for a four-person household; and 22 units will be rented at market rate. CitiBank purchased the bond.