Quincy, MA – MassDevelopment has issued a $6.4 million tax-exempt bond on behalf of Bersani Circle LLC, an affiliate of Karsten Companies, which will use proceeds to buy, renovate, and equip Atlantic Gardens, a 32-unit mixed-income multifamily rental housing facility in Quincy.
In addition to the tax-exempt bond, MassDevelopment assisted the Massachusetts Department of Housing and Community Development with the approval of federal low-income housing tax credits, which will provide approximately $2.8 million in equity for the project. East Boston Savings Bank purchased the bond, which MassDevelopment also enhanced with a guarantee.
Atlantic Gardens consists of eight separate buildings that contain three market-rate units and 29 affordable units, which are rented to households earning no more than 60% of the area median income. Karsten Companies will preserve the affordability of those units and undertake a series of renovations at the facility, including installing new roofing, siding, doors, and security enhancements, upgrading the kitchens, bathrooms, plumbing, and electric systems, and completing other improvements.
Founded in 1986 by construction manager John Iredale, Karsten Companies is a vertically integrated construction and development firm that serves the northeast corridor.