MassDev Funds Help Renovate Gardner Project

| March 30, 2016

Gardner, MA – MassDevelopment has issued a $12.9 million tax-exempt bond on behalf of Olde English Village Preservation, L.P., which will acquire and renovate Olde English Village, a 200-unit affordable multi-family housing facility in Gardner.  All 200 units are designated for households earning no more than 60 percent of the area median income, and Related Beal, the project’s sponsor, is extending their affordability for 30 years through this transaction.  Planned renovations- include new roofs, energy-efficient windows, siding, entry doors to townhouse units, intercom systems, and security camera monitoring system; upgraded bathrooms, hallways, kitchens; and mechanical equipment replacement.


Related Beal is the project’s sponsor.  MassDevelopment also assisted DHCD with the approval of federal low income housing tax credits that will provide approximately $7.1 million in equity for the project.


“Preserving affordable housing is crucial for working individuals and families across the Commonwealth,” said MassDevelopment President and CEO Marty Jones.  “Thanks to our partnership with Related Beal, a creative and trusted affordable housing developer, we will maintain affordability and renovate units at Olde English Village.”


Olde English Village, on 19 acres in Gardner, has 17 walk-up buildings, two townhouse buildings, and one building with community space.  Related Beal is a real estate firm focused on development and investment opportunities in Boston and the surrounding region.  Related Beal maintains a national real estate platform and back in December MassDevelopment issued a $52 million tax-exempt and $33,750,000 taxable bond on behalf of Beverly Street Residential IB LLC, another project of the real estate firm.


“Fulfilling our mission of providing and preserving affordable housing is a collaborative effort and process, and we are proud to partner with well-respected developer Related Beal to extend Olde English Village’s affordability and quality of life for its residents,” said Michael Mattos, executive director of Affordable Housing and Services Collaborative.


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Category: All, Multi Residential