Janus Highlands

Quick facts

City: Chelsea

Date completed: 2008

Total development cost: $10.8 million

Development type: New construction

Number of units: 41 rental apartments

Affordability: 41 under 60% AMI

Overview

The Janus Highland Apartments, offering a total of 41 one-, two-, three-, and four-bedroom units, are located on three parcels within the Box District on the sites of the former Janus Fabrications Company and the Atlas Bedding factory and a vacant lot on Marlboro Street.

These are two- and three-story apartment buildings that have the rhythm and feel of traditional Chelsea architecture with a fresh, very attractive look. Janus Highland Apartments were designed by the award-winning firm Icon architecture, and are managed by WinnResidential, providing professional management with a resident-centered perspective. All units are affordable to households with incomes at or below 60% of area median income, and some units are supported by project-based rental assistance.

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Development team

Developer/sponsor: The Neighborhood Developers

Development consultants: David Koven, Peter Munkenbeck

Owner: Janus Highland LP

Architect: ICON architecture, inc.

Contractor: NorthEast Interiors, Inc

Investor/limited partner: MMA Financial

First mortgage: Massachusetts Housing Partnership

Lenders: Massachusetts Transit Oriented Development Funds, DHCD HOME Funds, North Suburban Consortium HOME Funds

Equity investment: NeighborWorks America

Construction loan: Citizen’s Bank