New Boston's MF Complex Lands Permanent Financing

BOSTON-New Boston Fund's Urban Strategy America Fund has closed on permanent financing with Massachusetts Housing Partnership for the third phase of its Olmsted Green multifamily development in the Dorchester and Mattapan neighborhoods of Boston. Developed by Lena Boston, a joint venture between New Boston and Lena Park Community Development Corp., the 42-acre project has created 200-plus affordable rental units and 19 townhomes on the site of the abandoned Boston State Hospital campus, which was vacant for 25 years before the JV stepped in.

In all, $95 million has been invested in the project, including $83 million to support the creation of affordable housing. Olmsted Green also supports Massachusetts Gov. Deval Patrick's plan to build 20,000 multifamily housing units by 2020.

“We are very pleased to have successfully collaborated with the community to bring much needed quality affordable and workforce housing to the area,” says Kirk Sykes, president of New Boston's USA Fund. He adds that the project has had “a significant economic impact, creating jobs and economic development to benefit many members of the community.” 

The development has created new infrastructure that links the area to the surrounding community along the American Legion Highway, Morton Street and Harvard Street. It consists of two campuses separated by Morton Street, with the West Campus containing 19 townhomes, as well as 51 affordable apartments, while the East Campus is made up of 100 affordable apartments.

In addition, the East Campus features 65 affordable rental units for seniors. These were developed and are being operated by Hearth Inc., a nonprofit founded in 1991. The homes and apartments are constructed with sustainable materials and equipped with efficient appliances and systems.

Further, Lena Park CDC is working with the Lena Park Community Center to develop the Brooke Charter School on its former Community Center site, adjacent to Olmsted's East Campus. The school will be a free, open-enrollment school for 500 students in kindergarten through eighth grade. This will be the charter school network's third location; the other two are in Roslindale and East Boston.