808 Memorial Drive Project Receives $87m in Financing from Mass Housing
Congratulations to client Homeowner’s Rehab Inc. on receiving $87.2 million in financing for the renovation of the 808-812 Memorial Drive multifamily housing community in Cambridge, Massachusetts. This financing will enable HRI to extend affordability protections by at least 15 years and to make substantial property renovations.
Situated along the Charles River, the buildings house 300 mixed-income apartment units of varying sizes, approximately 38,000 sf of commercial space, and five levels of parking. The project aims to improve tenant comfort and sense of security, while also strengthening the residential community and identity.
MassHousing provided HRI with a $61.5 million tax-exempt construction loan and permanent loan, $24.9 million in taxable and tax-exempt credit equity bridge financing and a $787,763 interest reduction payment (IRP) loan. The project will also use $8.9 million of income during the construction period for development costs. The transaction also involved $36.9 million in equity financing from an allocation of Low-Income Housing Tax Credit tax credits by the Massachusetts Department of Housing and Community Development. The LIHTC tax credits were syndicated by RBC.¹
Bruner/Cott is performing an occupied renovation of two 1970s-era apartment buildings with construction expected to be completed by 2022.
Read the full article on Multi-Housing News.
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