REBusinessOnline

MassHousing Provides $22.8M Development Financing for Multifamily Property Near Boston

Squirrelwood-Cambridge-Massachusetts

The new Squirrelwood community will combine the existing Linwood Court and Squirrel Brand communities.

CAMBRIDGE, MASS. — MassHousing, an affordable housing lender in Massachusetts, has provided $22.8M in loans for the development of a multifamily property in Cambridge, part of the metro Boston area. The borrower, Cambridge-based nonprofit developer Just-A-Start Corp., will combine the 45-unit Linwood Court community and the 20-unit Squirrel Brand community to create a new affordable housing property called Squirrelwood. The financing consists of an $8.2 million permanent loan, $13.6 million bridge loan and $1 million loan from MassHousing’s Workforce Housing Initiative. The developer will also renovate existing apartments and construct 23 new units to bring the total unit count up to 88. The contractor will be Callahan Construction Managers, and the architect is Davis Square Architects.

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