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.

47 Bishop Allen Achieves LEED Gold Certification

47 Bishop Allen Drive has achieved LEED Gold certification from the USGBC!

This Bruner/Cott project replaces an under-utilized parking garage in the Central Square neighborhood of Cambridge, MA with a four-story residential wood frame building. The building includes 23 rental apartments, consisting of both family and one-bedroom units.

The development is transit-oriented and includes no onsite parking, encouraging its tenants to utilize alternate means of transportation. It does, however, include ample bicycle storage for tenants. Other sustainable elements include 100% efficient lighting, ENERGY STAR certified appliances, WaterSense labeled products, and individual fresh air ventilation systems in each apartment. The apartments are projected to use 30% less energy than standard new homes.

Frost Terrace Affordable Housing Awarded State Funding

On July 25, 2018, Massachusetts Governor Charlie Baker announced the recipients of this year’s affordable rental housing awards, which will provide $57 million in direct subsidies for 19 high-impact projects to fund the development, renovation and preservation of much-needed housing opportunities throughout the Commonwealth.

Among this year’s awardees is Frost Terrace (1791 Mass Ave.), a transit-oriented new construction project for families. Bruner/Cott is working on this 40-unit affordable housing project in the Porter Square neighborhood of Cambridge, MA with sponsor, Capstone Communities. All units will be affordable to households earning less than 60% of the area median income (AMI), with four units reserved for households earning less than 30% of AMI.

Additional project funding for Frost Terrace will derive from Low-Income Housing Tax Credits and subsidy funds via the Department of Housing and Community Development (DHCD) and city trust funds through the City of Cambridge.

“Across our Commonwealth, more and more young families are finding they are not able to put down roots, seniors are not able to age in their communities, and hard-working residents are spending more of their paychecks and precious time traveling further to get to their jobs,” said Housing and Community Development Undersecretary, Janelle Chan.  “Today’s awards will enable communities to grow with their residents, and be a part of a state-wide and regional response to the affordable housing crisis.”

Thank you to the Baker-Polito Administration for this award and your continued commitment to creating affordable to low- and middle- income housing across the state of Massachusetts. We are thrilled to be among the 19 deserving recipients who are transforming their communities and providing vital resources for their neighborhoods.

To learn more about the affordable rental housing awards, click here.

 

Frost Terrace Wins Unanimous City Approval

Last month, the 1791 Mass Ave/Frost Terrace project was unanimously approved by the Cambridge Board of Zoning Appeal. This development will create 40 new, long-term, completely affordable homes for families and individuals in the Porter Square neighborhood. It is transit-oriented, providing future tenants with immediate pedestrian and bicycle access to the Porter Square T and commercial district, reducing the need to own cars.

The hearing lasted 3.5 hours, with deliberations surrounding issues such as lack of parking spaces. However, the design team did receive praise for its responsiveness to the comments of the Planning Board and the project’s ability to house “40 families who otherwise wouldn’t be able to live in Cambridge.” By the end of the evening, all five board members voted in favor of the permit.

Read more about the Zoning Board Hearing.

About 1791 Mass Ave:

Bruner/Cott is working with Capstone Communities and Hope Real Estate Enterprises to transform and expand an existing run-down 19th-century home into new housing. 1791 Mass Ave will provide long-term affordable housing for families and individuals with a design that complements the existing neighborhood and historic context, incorporates environmental sustainability, and promotes alternative transportation.

Visit the project website to learn more.