X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BOSTON-SCP Housing Associates LLC secured a $34.8 million loan from MassHousing, the state’s affordable housing bank, for its purchase and renovation of South Cove Plaza Apartments, a 231-unit complex located in the city’s Bay Village/Theater District neighborhoods.

As part of the deal, the developer agrees to preserve the affordability of the project. Eric Berman, a spokesperson for MassHousing, tells GlobeSt.com, that in return for that commitment, MassHousing provides the mortgage at a lower interest rate. All but two of the units will remain affordable for low income seniors and that status will remain for the next 40 years, notes Berman. Without this deal, it was likely that the developer would have converted the development to market rate units.

As part of the financing, MassHousing has allocated $17.7 million in Low Income Housing Tax Credits. The sale of these tax credits to investors by the owners is expected to raise an additional $11.5 million in private investment for the project.

Built in 1982, South Cove Plaza Apartments consists of two brick apartment buildings–an eight-story building containing 142 units located at 230 Stuart St. and a seven-story building containing 89 units located at 285 Tremont St.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.