Boston – MassHousing has provided $25 million in financing to the Brookline Housing Authority (BHA) to provide significant improvements to the 100-unit Arthur O’Shea House located at 61 Park St. in Coolidge Corner.
The MassHousing financing will allow the BHA to make comprehensive renovations to the property, which is home to lower-income senior citizens and residents with disabilities, and to help ensure affordability at the property in perpetuity.
MassHousing is supporting the rehabilitation of O’Shea House with $25 million in short and longer-term financing through the Agency’s Conduit Loan Program. MassHousing issued tax-exempt housing revenue bonds and the proceeds will be used to fund both construction and permanent loans in partnership with Boston Private Bank & Trust.
The MassHousing conduit loan generated $17.9 million in equity financing for the project through federal Low-Income Housing Tax Credits. Boston Financial and Santander Bank, N.A. are providing the tax credit equity.
The scope of work also features many green and environmentally friendly components, including a high efficiency electric heating and cooling system that replaces the existing inefficient and costly electric baseboard heat, as well as a much tighter building envelope, low volatile organic compound (VOC) and recycled building materials, low-flow water fixtures, LED lighting throughout, and stormwater retention.
O’Shea House was constructed in 1969 as federal public housing. The BHA is converting the property from public housing to federal Project Based Section 8 subsidized housing.
The general contractor is Colantonio Inc., the architect is Baker Wohl Architects and the management agent is the BHA. Nolan Sheehan Patten and the Law Office of Robert L. Allen Jr. are counsel to the BHA.