WiSe, Nuestra Complete Affordable Housing Rehab in Boston
- Nov 24, 2014
Boston—WiSe Urban Development and Nuestra Comunidad Development Corp. have completed the rehabilitation of Washington Park. The property is an eight-building, 96-unit apartment community that straddles the Boston neighborhoods of Dorchester and Roxbury and includes 86 affordable units.
The rehab consisted of the JV partners renovating all kitchens, bathrooms, as well as living areas, and completing high-efficiency upgrades to the HVAC systems in each of the units. Each apartment features new lighting and Energy Star appliances, including dishwashers, disposals, range and refrigerators. In addition, the mechanical and electrical systems in each building were upgraded, and all windows and roves were replaced.
The developers worked with the Department of Housing and Community Development, MassHousing, the City of Boston and the Massachusetts Historical Commission to secure financing for the project, which received state historic tax credits. Bank of America and the Boston Community Loan Fund provided private financing, while Boston Financial Investment Management provided equity financing.
The Architectural Team served as the architect on the project, while Keith Construction was the contractor. WinnResidential is the property manager.
The developers also noted that the project was able to employ 390 minority and 50 female workers (69 percent of the total worker hours). It also engaged minority and women business enterprise companies for over 65 percent of the total construction work (a total of $7.6 million of contract value).