MassHousing has closed on $14 million in financing to Beacon Communities LLC for the rehabilitation and preservation of affordability at the 72-unit Camden Apartments in Boston, MA.
The Camden Apartments is a state-aided public housing community currently operated by the Boston Housing Authority (BHA). As part of its ongoing effort to modernize public housing across Boston, the BHA has designated Beacon Communities to redevelop the Camden Apartments property. Beacon Communities will utilize the MassHousing financing to substantially renovate the Camden Apartments, and will manage the Lower Roxbury property through a 99-year ground lease with the BHA.
The Modernization to Independence pilot program, launched by the Baker-Polito Administration in 2017, is intended to rehabilitate and preserve state public housing units to better enable the Commonwealth to manage and address the needs of an aging public housing portfolio, of which the state manages more than 45,000 units.
Beacon Communities plans an estimated $14.3 million in property renovations at the Camden Apartments, including window and door replacement, new plumbing and hot water systems, new electrical systems, unit upgrades, and exterior masonry repairs.
MassHousing provided Beacon Communities with a $5.9 million tax-exempt construction and permanent loan and an $8.1 million tax-exempt bridge loan. The MassHousing financing also generated $6.8 million in Low-Income Housing Tax Credit equity for the project.
Other project financing includes approximately $4.2 million in federal and state historic tax credit equity, $5.8 million in state public housing funds from DHCD, a $5.6 million seller note and $500,000 from the Federal Home Loan Bank of Boston.
The Camden Apartments are located at 50-60 Camden St., in Roxbury and feature 36 one-bedroom apartments, 19 two-bedroom apartments and 17 three-bedroom apartments.
Of the 72 apartments, 8 will be for households earning at or below 30 percent of the Area Median Income (AMI), and 64 units will be for households with incomes at or below 60 percent of AMI.
The contractor will be Cruz Construction, the architect is The Architectural Team and the management agent is Beacon Residential Management. The Camden project is expected to create more than 60 full-time jobs by the time of the project’s completion in June 2020.