Lena Park Secures $26M for Boston-Area Community
- May 28, 2020
Lena Park Community Development Corp. has received $25.6 million in financing for the renovation and affordability extension at Granite Lena Park, a 143-unit affordable property in Boston’s Dorchester neighborhood. MassHousing provided the borrower with a $16.3 million tax-exempt construction and permanent loan and a $9.3 million bridge loan. The transaction also extends the property’s Section 8 HAP contract for at least 20 years.
Located at 754 Blue Hill Ave., Granite Lena Park consists of seven buildings completed in the 1920s on scattered sites across from Franklin Park. The community encompasses one- to four-bedroom apartments catering to low-income residents. WinnResidential serves as property manager.
The property is 6 miles south of downtown Boston, less than 2 miles east of Lemuel Shattuck Hospital. The location is easily accessible through public transportation, having several bus stations and a train station within walking distance.
Renovation plans and funds
According to Yardi Matrix data, the owner completely renovated Granite Lena Park in 1989. The MassHousing financing will be used for more property improvements such as apartment and accessibility upgrades, but also for thermal and moisture protection and water drainage improvements. NEI General Contracting is the project’s general contractor, while Davis Square Architects provides architectural services.
The renovation project also benefits from other types of financing. The Massachusetts Housing Investment Corp. provided $14.3 million in federal Low-Income Housing Tax Credit (LIHTC) equity and $3.8 million in federal historic tax credit equity. Other funds include $975,200 in state historic tax credit equity syndicated through East Boston Savings Bank, a $10.9 million seller loan and $1.9 million in net operating income during construction.
In July, MassHousing provided WinnCos. with $49.3 million in affordable financing for a 284-unit community in Peabody, Mass. The borrower used the funds to rehabilitate the property and preserve its affordability for low-income households for at least 45 years.