Leggat McCall JV Lands $172M for Boston Project
Funding includes $122 million in construction financing and $50 million in equity.
A public-private partnership between The Boston Housing Authority, Leggat McCall Properties and Joseph J. Corcoran Co. has obtained a $172 million construction financing package for Building F, a 266-unit Boston project. Funding includes $50 million in equity through the City of Boston’s Housing Accelerator Fund and a $122 million note from Cottonwood Group.
The project is the second apartment building within the Bunker Hill Housing Redevelopment and is set to come online in 18 months. Site preparation is already underway, with vertical construction expected to start in the following weeks.
Suffolk serves as general constructor, while Stantec is the architect of the project. Construction will proceed under a Project Labor Agreement with the North Atlantic States Regional Council of Carpenters and the Boston Metro Building Trades Council.
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The nine-story building will include 208 market-rate units and 58 affordable ones. The project will rise within the city’s Charlestown neighborhood, at 55 Bunker Hill St., about 2 miles from downtown Boston.
The community is part of the first phase of the master plan, where the Charlestown Resident Alliance serves as resident leadership. The project will include 2,699 units and will be completed over the next decade. The first community to come online within the redevelopment is Stellata, a 102-unit, six-story building. The property was completed in January 2025 and is now fully occupied.
Built in 1940 as federal public housing, Bunker Hill includes 42 buildings slated to be replaced by 15 new residential buildings, along with retail, community space and new green areas. Plans call for replacing all 1,110 existing public housing units with deeply affordable housing, including 1,010 units on-site and 100 units off-site.
Boston multifamily figures decrease
Boston’s multifamily sector saw nearly 7,720 units delivered last year, according to a Yardi Matrix report, representing 2.6 percent of the metro’s existing inventory. Completions ranked as the third-lowest annual total recorded over the past decade.
At the end of December, the market had about 13,670 units under construction, with another 104,000 apartments in the planning and permitting stages. Even so, new starts slowed significantly, with just 3,259 units breaking ground in 2025, roughly half the level recorded in 2024.
Most outlooks call for completions to remain muted-to-moderate in 2026 versus recent peaks. One of the properties already completed this year is the third phase of Flat 9 at Whittier, a 172-unit, LEED Gold-certified building. Preservation of Affordable Housing completed the building.
