Weekly Real Estate News
Summary
Rockland Trust is providing financing for Quincy Street Apartments, a 24-unit affordable housing development in Quincy, Massachusetts.
Rockland Trust is providing a $7.4 million financing package for a new 24-unit affordable housing development in Quincy, Massachusetts.
The Quincy Street Apartments project, planned for 150-156 Quincy Street, is being developed by Father Bill’s & MainSpring with NeighborWorks Housing Solutions. The project is designed to provide permanent housing for residents facing significant barriers to securing stable homes.
According to an Oct. 6 financing announcement reported by Boston Real Estate Times, the development will use Low-Income Housing Tax Credits along with other public and private funding. Stratford Capital is serving as the tax-credit syndicator and is providing additional equity.
The project had previously received $5.46 million in Massachusetts funding, according to Father Bill’s & MainSpring, which described Quincy Street Apartments as a joint project with NeighborWorks Housing Solutions.
“We’re grateful to Rockland Trust for helping build a new foundation for 24 of our most vulnerable neighbors,” Father Bill’s & MainSpring President and CEO John Yazwinski said in the financing announcement.
The financing illustrates the layered capital structures increasingly used to make small affordable and supportive-housing projects viable. WRE News has recently reported on similar housing investments, including the 130-unit Willow Tree Commons supportive-housing project in Manhattan.
