Suburban Mixed-Income Boston Project Gets Financing
The funding from MassHousing will support development of the 111-unit second phase of a mixed-income property in Brockton, Mass.
Trinity Financial has received a $19 million financing package to develop the 111-unit second phase of a mixed-income community in Brockton, Mass. Massachusetts Housing Finance Agency provided the funding for the addition of 111 units at the property, known as Enterprise Center.
The MassHousing funding includes an $8.2 million long-term loan, $9.6 million in tax-exempt bridge financing and $1.2 million through the agency’s Workforce Housing Initiative.
The Massachusetts Department of Housing and Community Development allocated $30.6 million in state and federal Low Income Housing Tax Credits, while it also has provided $3.5 million directly. Additional financing includes another $3.5 million from the Affordable Housing Trust Fund and a $13.5 million construction loan provided by Bank of America, public records show.
The development team includes general contractor Aberthaw Construction Co. and ICON Architecture. Trinity Management will serve as property manager.
The property’s first phase, located at 50 Centre St., has 113 units which delivered in 2015. The five-story expansion will add 111 units, most of which will be reserved for residents earning between 30 percent and 80 percent of the Area Median Income. The remaining apartments will be market rate.
The new addition will occupy a 1-acre site at 45 Petronelli Way and include a mix of one-, two- and three-bedroom apartments. The ground floor will have a community space and fitness area as well as an outside plaza area.
Downtown Boston is 25 miles north of the property, accessible via the Brockton commuter rail station, one block east of the development. The property is close to several green spaces and parks, and Brockton’s Main Street retail corridor is a short distance away.
MassHousing has funded 11 communities totaling 1,866 units in Brockton. Early last year, MassHousing provided a $2.9 million financing package for a 48-unit mixed-income community in downtown Brockton.