USA FUND CLOSES FINANCING FOR OLMSTEAD GREEN HOUSING

DORCHESTER, MASS. — Urban Strategy America Fund, an investment fund controlled by New Boston Real Estate, has closed on financing for the construction of Phase II of the residential component of Olmsted Green, a 42-acre mixed-use project located in Dorchester. The residential component focuses on affordable housing. Phase II will comprise seven new buildings containing 50 affordable rental units in a mix of one-, two- and three-bedroom units. Phase I, consisting of rental apartments and for-sale housing, was completed in late 2008. Once complete, the residential component of the project will also include 287 for-sale townhomes, 60 units of affordable senior housing and a 123-bed skilled nursing and mental health facility. Olmsted Green is being developed by Lena New Boston, a joint venture between New Boston Fund and Lena Park Community Development Corp. The Phase II housing project received funding from the various Massachusetts state sources, including the Department of Housing and Community Development, the Affordable Housing Trust Fund, HOME Funds and the Facilities Consolidation Fund. The city of Boston provided funding from its Neighborhood Housing Trust, as well as the Department of Neighborhood Development’s HOME Funds. The permanent lender is the Massachusetts Housing Partnership, and Bank of America is providing construction financing and tax credit equity. The amount of the financing package was not disclosed.