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:
- 40 units for affordable to low-income units
- 60 market rate units
PRICING: $44M
HIGHLIGHTS
- 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 |
Sales Data – PHASE 1 |
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Total Units | Current Asking Price | Average Rent Price | ||
30% of AMI |
16
2BR: $1,108 3BR: $1,258 |
2BR: $1,108
3BR: $1,258 |
||
60% of AMI |
24 | 2BR: $1,108
3BR: $1,258 |
||
MARKET |
60 | 2BR: $1,988
3BR: $2,197 |
NA |