Case Studies
CONDO II – Boston, MA
Property Description
PROPERTY TYPE: This project is the second phase of the Olmsted Green homeownership development. Residential Development featuring:
- 41 condominiums of mixed income home ownership
- 22 condos for affordable to moderate-income units for first-time homebuyers
- 19 market rate units
HIGHLIGHTS
Project Data |
|
| Investment Date: | June 6, 2017 |
| Region: | Mattapan |
| Address: | 591 Morton Street (West Main Street), Boston, MA |
| City, State: | Boston, MA |
| Size: | 41 units approved, 41 built (19 market). |
| Property Type: | Condominiums |
| Land Sales Date: | June 6, 2017 |
| Year Built: | 2018 |
| JV Partner: | Lena Park Community Development Corporation |
Financial Data(Current projections as of December 2011, $000’s) |
|
| # of housing units created | 41 |
| State / local funding / tax credits | Construction Loan from Eastern Bank, Loan of Workforce Housing Funds from Massachusetts Housing Finance Agency. Loan of Inclusionary Development Programs funds from the City of Boston acting by and through its Department of Neighborhood Development, as agent for the Neighborhood Housing Trust |
| TDC | $14,964,696 |
Sales Data – PHASE 1 |
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| Total Units | Asking Price | Average Sold Price ($000s) | ||
Market Units |
41 | Starting range;
2BR: $267,500 – $303,475 3BR: 312, 813 |
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