Chelsea Legacy Portfolio
Quick facts
City: Chelsea
Construction start: April 2022
Anticipated completion: Fall 2023
Total development cost: $52 million
Development type: Acquisition and Renovation
Number of homes: 116
Affordability: 17 Homes at <30% AMI, 32 Homes at <50% AMI, 67 Homes at <60% AMI
Overview
Chelsea Legacy Portfolio is a collection of 21 buildings located throughout Chelsea. They vary in size and number of units per building, but all are restricted to provide homes for residents at or below 60% AMI. Included in this project are the existing TND properties 210 Broadway, 585-593 Broadway, 579-583 Broadway, and Chelsea Homes I. Bringing these existing projects together allows TND to renovate and repair some of the oldest buildings it owns and extend the affordability for these buildings out for 50 more years. This project will update and extend the life of 116 affordable homes in the City of Chelsea by providing new roofs, fire sprinkler systems, kitchens, baths, new flooring and a fresh coat of paint throughout the buildings.
Development team
Architect: Davis Square Architects
Contractor: NEI General Contracting
Historic consultant: The Public Archaeology Laboratory, Inc. (PAL)
Predevelopment financing: Massachusetts Housing Investment Corporation
Low income housing tax credit investor: Boston Financial Investment Management
Construction financing: JP Morgan Chase
Permanent financing: JP Morgan Chase
Low income housing tax credits: The Low Income Housing Tax Credit Program of the Commonwealth of Massachusetts Department of Housing and Community Development
Tax-exempt bond financing: MassDevelopment
Subordinate debt: The Commonwealth of Massachusetts Department of Housing and Community Development; City of Chelsea; and North Suburban Consortium HOME Program
