August 4, 2020
MassHousing has provided a total of $87.2 million in affordable housing financing to non-profit Homeowners Rehab Inc. (HRI) for the modernization and preservation of affordability at 808 Memorial Drive, a 300-unit apartment community in Cambridge.
The financing will allow HRI to extend affordability protections at the property by at least 15 years and to invest substantially in property renovations. The 300 apartments are contained in two high-rise buildings on Memorial Drive along the Charles River.
MassHousing provided HRI with a $61.5 million tax-exempt construction and permanent loan, $24.9 million in taxable and tax-exempt tax credit equity bridge financing, and a $787,763 interest reduction payment (IRP) loan. The project will also use $8.9 million of income during the construction period for development costs. The transaction also involved $36.9 million in equity financing from an allocation of Low-Income Housing Tax Credit tax credits by the Massachusetts Department of Housing and Community Development.
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Tags: Affordable, Financing
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