525 Beach

525 Beach builds on the buzz of activity happening in Revere’s Shirley Ave. neighborhood. Located within a five-minute walk of Revere Beach, the country’s first public beach, and the MBTA Blue Line, 525 Beach transforms an industrial site most recently occupied by a vacant warehouse. The new construction development features 30 affordable rental apartments for families in a four-story building, with a mix of one-bedroom, two-bedroom and three-bedroom homes. Building amenities include a community room to host residents’ events and The Neighborhood Developers’ programs, onsite parking and laundry, an outdoor courtyard and central air-conditioning. 525 Beach’s design and construction incorporate many sustainable features, and TND will certify the development under the LEED Mid-Rise program. 525 Beach builds on TND’s recent investments in the Shirley Ave. neighborhood, including 19 new units of rental and for-sale housing, a renovated Costa Park, and public art to beautify the neighborhood’s gateway. As part of TND’s commitment to creating healthy and sustainable housing, 512 Beach’s design includes many environmentally sensitive features, and will be certified LEED Platinum. Please follow this link to learn more about the LEED Program and click here to see several examples of how LEED’s design features appear at Highland Terrace.

 
Date Completed: 42064
Total Development Cost: $10.4 million
Development Type: New construction
Number of Units: 30 rental apartments
Affordability: 6 units for < 30% AMI; 1 unit < 50% AMI; 23 units < 60% AMI
Development Consultants: Peter Munkenbeck, 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, Affordable Housing Trust Fund, Community Based Housing Program, North Suburban Consortium HOME Program
Pre-Development Loan The Life Initiative (Pre-development + acquisition financing), NeighborWorks America–The Neighborhood Developers, MassDevelopment
Additional Funds Massachusetts Business Development Corporation
Construction Loan Bank of America