CHARLESTOWN, MASS. — A partnership between Leggat McCall Properties, Joseph J. Corcoran Co. and the Boston Housing Authority has received $172 million in financing for a mixed-income housing redevelopment in Charlestown, located north of Boston. The financing consists of a $122 million construction loan from Los Angeles-based Cottonwood Group and a $50 million equity investment from the City of Boston’s Housing Accelerator Fund. The partnership will use the proceeds to fund the redevelopment of the 266-unit Building F of the Bunker Hill Housing Redevelopment, which rises nine stories and comprises 208 market-rate units and 58 affordable housing units. The project is part of a larger initiative that aims to redevelop the entire Bunker Hill public housing community over the next decade, creating a total of 2,699 units of housing through both repositioning of existing affordable housing units and the addition of market-rate homes.
Pictured is a rendering of the repositioned Building F that is part of the Bunker Hill Housing Redevelopment initiative in Charlestown. In addition to bolstering the community's stock of affordable and market-rate housing, the redevelopment is expected to create approximately 1,785 jobs, including 185 permanent retail and property management jobs.
Partnership Receives $172M in Financing for Mixed-Income Housing Redevelopment in Metro Boston
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