525 Beach
Quick facts
City: Revere
Date completed: 2015
Total development cost: $10.5 million
Number of homes: 30 rental apartments
Affordability: 6 units for <30% AMI; 1 units < 50% AMI; 23 units < 60% AMI
Overview
525 Beach is located in Revere’s Shirley Ave. neighborhood, and transformed a long-vacant warehouse into affordable rental housing for families. The development features 30 apartments, from one to three bedrooms in size, underground parking and a courtyard for residents. The site is a five-minute walk from the MBTA Blue Line and Revere Beach, connecting residents to job opportunities, health care, and open space. The project is certified under the LEED Mid-Rise programs and three units are accessible and for those with sensory impairments.
Development team
Development consultants: David Koven, Peter Munkenbeck
Architect: ICON architecture, inc.
Contractor: NEI General Contracting
Equity: Bank of America
Federal low income housing tax credits: The Low Income Housing Tax Credit Program of the Commonwealth of Massachusetts Department of Housing and Community Development
Permanent financing: Massachusetts Housing Partnership
Subordinate debt: The Commonwealth of Massachusetts Department of Housing and Community Development; MassHousing; Community Economic Development Assistance Corporation; and North Suburban Consortium HOME Program
Predevelopment and acquisition financing: The Life Initiative
Additional funds: NeighborWorks America; The Neighborhood Developers, Inc.; and MassDevelopment Brownfield Redevelopment Fund
Construction loan: Bank of America
