A joint venture (JV) between Mitchell Properties and The Community Builders Incorporated has secured financing for its $53.2 million mixed-income, mixed-use development project in Boston, Massachusetts.
The company has secured $46.8 million towards the project from three agencies, which include MassHousing, AFL-CIO Housing Investment Trust, and its subsidiary Building America CDE. AFL-CIO Housing Investment Trust and Building America CDE Incorporated are together providing $15.4 million, while MassHousing is providing $31.4 million.
The $31.4 million funding from MassHousing consists of a loan of $30.4 million, which includes a $15.9 million construction and permanent loan, a $9.9 million construction bridge loan, and a $4.6 million Priority Development Fund loan. The company, along with the state Department of Housing and Community Development, has also allocated additional $1 million from their Affordable Housing Trust Fund for the project.
The project will also benefit from approximately $7 million in tax credit equity by means of the Massachusetts Housing Investment Corporation. The project is the first phase of the $250 million redevelopment of Jackson Square in Jamaica Plain community. The pipeline project will be developed at 225 Centre Street development in Jamaica Plain. The scheme involves 103 new affordable rental apartments as well as retail and commercial space. The first floor of the building will house 17,000 square feet of commercial and parking space.
The JV commenced construction at the site in December 2011 and plans to complete the project by April 2013. The project is anticipated to create approximately 300 jobs in the construction phase. The scheme has been designed by ADD Incorporated and is being constructed by Walsh Brothers Incorporated.