Case Studies
OLMSTED GREEN RENTAL IV – Boston, MA
Property Description
PROPERTY TYPE: This project is the fourth rental phase of the Olmsted Green development that began in 2006 and is on target to be completed in 2024.
- 47 units of affordable housing
- 26 units for those earning 60% AMI
- 6 units for those earning 50% AMI
- 15 units for those earning 30% AMI
PRICING: $18M
HIGHLIGHTS
- Olmsted Green Rental IV is the fourth rental phase of the Olmsted Green development that began in 2006 and is on target to be completed in 2024.
- Estimated total project costs of $18 Million with funding from the sale of 9% tax credits and soft second loans and grants from the City and State.
Project Data |
|
| Investment Date: | October 1, 2017 |
| Region: | Mattapan |
| Address: | 529 – 535 Harvard St. & 112-114 Deering Road, Boston, MA |
| City, State: | Boston, MA |
| Size: | 47 units approved, 47 built (26 units for those earning 60% AMI, 6 units for those earning 50% AMI, and 15 units for those earning 30% AMI) |
| Property Type: | Rental |
| Land Sales Date: | October 1, 2017 |
| Year Built: | 2020 |
| JV Partner: | Lena Park Community Development Corporation |
Financial Data(Current projections as of December 2011, $000’s) |
|
| # of housing units created | 47 |
| State / local funding / tax credits | Construction Loan from Bank of America, N.A which will be assigned to Massachusetts Housing Partnership Fund Board (collectively the “OneSource Loan”), Equity Contribution from Bank of America, Loan of Housing Stabilization Funds, Community-Based Housing Funds, DND Inclusionary, Development Program Funds, Neighborhood Housing Trust Funds (the “MassDocs Loans”), Loan of State Low Income Housing Tax Credit sale proceeds |
| TDC | $18,518,577 |
Sales Data – PHASE 1 |
||||
| Total Units | Average Rental Price | Asking Price | ||
Below 30% AMI |
15 | 1 BR: $2,090
2 BR: $2,542 3 BR: $3,168 |
NA | |
Below 50% AMI |
6 | 2 BR: $1,253.02
3 BR: $1,447.6 |
NA | |
Below 60% AMI |
26 | 1 BR: $1,253.02
2 BR: $1,504 3 BR: $1,737.12 |
NA | |
