TND Homes I

Completed projects

Jun 14

Written By The Neighborhood Developers

Quick facts

Cities: Chelsea and Revere

Date completed: 2016

Total development cost: $12.3 million

Development type: Rehab and New Construction

Number of homes: 52 rental apartments

Overview

Through the TND Homes I development, TND conducted renovations on 21 units of affordable multi-family rental housing in Chelsea and 17 units of affordable multi-family rental housing in Revere. The project refinanced and consolidated additional recently completed small projects, including 10 rental units for formerly homeless veterans, 7 units for formerly homeless families and four affordable multi-family rental units for at-risk young parents in Chelsea. Renovations include replacing mechanical systems and windows, electrical work, and repairing exterior masonry and roofs. These homes will remain affordable for a minimum of 50 years.

Consolidated Projects

North Bellingham Veterans Home

Historic American Legion post renovated into supportive housing for formerly homeless individuals with a preference for veterans

Bellingham Hill Family Homes

Supportive housing project built for the benefit of formerly homeless families

Neighborhood Stabilization Initiative

Redevelopment of foreclosed properties in Chelsea and Revere

Walden House

Dramatic renovation of a historically significant former fire station

Development team

Development consultants: Rebecca Plaut Mautner and Peter Munkenbeck

Architect: Anthony Macchi

Contractor: Design Construction & Consulting Services, Inc

Equity: Massachusetts Housing Investment Corporation

Subordinate debt: The Commonwealth of Massachusetts Department of Housing and Community Development; MassHousing; Community Economic Development Assistance Corporation; City of Chelsea; North Suburban Consortium HOME Program; and City of Revere

Permanent financing: Boston Private Bank & Trust Company; Neighborhood Housing Services Revolving Loan Fund

Construction loan: Boston Private Bank & Trust Company