THE GROVE – Boston, MA

Property Description

PROPERTY TYPE: The Grove is a phased project originally designed to include 100 condominiums of mixed income home rentals:

PRICING: $44M

The Grove is a phased project originally designed to include 100 condominiums of mixed income home rentals, which includes 40 units for affordable to low-income units, and 60 market rate units.
Additional community facilities have also been envisioned and in development for the adjacent Olmsted property.
This project is one of several phases of the Olmsted Green development that began in 2006 and is on target to be completed in 2024.
A successful partnership of Boston’s oldest African American Community Development Corporation (CDC) and New Boston Fund, committed to economic development and affordable housing.

Project Data
Investment Date:	November 30, 2018
Region:	Mattapan
Address:	591 Morton Street (West Main Street), Boston, MA
City, State:	Boston, MA
Size:	100
Property Type:	Mixed Income Rental
Land Sales Date:	November 30, 2018
Year Built:	2018
JV Partner:	Lena Park Community Development Corporation

Financial Data (Current projections as of December 2011, $000’s)
# of housing units created	100
State / local funding / tax credits	Construction/Permanent Loan from Boston Private Bank & Trust Company, Equity Contribution from RTC LIHTC Investor LLC and MHIC EBSB Fund I LLC; Purchase of State Low Income Housing Tax Credits by Rockland Trust Company; Loan of Housing Stabilization Funds, Affordable Housing Trust Funds, Commercial Area Transit Node Housing Program Funds, Community-Based Housing Funds, DND Inclusionary Development Program Funds, Neighborhood Housing Trust Funds; Workforce Housing Loan from Massachusetts Housing Finance Agency; Loan of State Low Income Housing Tax Credit sale proceeds from Lena Park Community Development Corporation; Seller Purchase Money Loan; and MassWorks Sponsor Loan from Lena Park Community Development Corporation
TDC	$44,134,241