525 Beach

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.

 
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
Development Consultants Peter Munkenbeck and David Koven
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