Community Builders Secures $10M for Affordable Boston Development
- Sep 07, 2018
The Community Builders Inc. has secured a $10.2 million loan to fund the construction of The Clarion, a mixed-income, mixed-use residential development in Boston’s Grove Hall section of Roxbury. TD Bank arranged the financing and its Community Capital Group has also invested more than $9.2 million of equity into the project. Construction of The Clarion began in 2018 and is scheduled for completion by 2019.
“TD Bank is committed to building and sustaining communities for people of all incomes, and affordable housing is a key cornerstone of that. We are proud of this project, and we are proud to partner with The Community Builders to help provide affordable housing to those who need it most,” Thomas McColgan, vice president at TD Bank, told Multi-Housing News.
Situated along Blue Hill Avenue, the project will feature 39 units, 27 of which will be dedicated to affordable for low- or moderate-income working families earning between 30 and 60 percent of the area median income. The remaining apartments will be workforce housing units reserved for middle-income families earning between 100 and 120 percent of the area median income.
“Organizations like TD Bank are the reason The Community Builders is able to do the work we do,” said Tom Buonopane, vice president of finance and asset management for TCB, in a prepared statement. “It’s about more than just creating a home; for us it’s about contributing to stronger communities where people live, work and raise families.”
In January, The Community Builders Inc. obtained $38.3 million in financing for the development of Cottage Place Gardens Phase III. The project is a 70-unit, mixed-income residential property in Yonkers, N.Y.
Image courtesy of The Community Builders Inc.