MassHousing Provides $87.2M in Financing for Preservation of Apartment Property Near Boston

CAMBRIDGE, MASS. — MassHousing has provided $87.2 million in financing for the renovation and preservation of a 300-unit affordable housing community located at 808 Memorial Drive in Cambridge. MassHousing provided the borrower, Homeowners Rehab Inc., with a $61.5 million tax-exempt construction and permanent loan, $24.9 million in taxable and tax-exempt tax credit equity bridge financing and a $787,763 interest reduction payment (IRP) loan. The project will also use $8.9 million of income during the construction period for development costs. Renovations are expected to be complete by the end of 2022. Bruner Cott is designing the project, and NEI General Contracting is handling construction.