Cambridge, MA – MassDevelopment has issued a $4.9 million tax-exempt bond on behalf of Port Landing Tenant LLC, an affiliate of Cambridge-based developer Capstone Communities LLC. The organization will use bond proceeds to build, furnish, and equip a 31,100sf, 20-unit affordable housing development on a vacant parcel near Kendall Square in Cambridge.
The development, to be called Port Landing, will contain four one-bedroom units, 13 two-bedroom units, and three three-bedroom units. Capstone Communities will rent 18 units to households earning no more than 60% of area median income and rent two units to households earning no more than 30% of area median income.
In addition to the tax-exempt bond, MassDevelopment assisted the Department of Housing and Community Development with the approval of federal low-income housing tax credits, which provided roughly $3.5 million in equity. Cambridge Trust Company purchased the bond.