Spencer Row

Spencer Row provides a neighborhood quality to the street edge, with ground floor units opening directly to the street, and balconies providing private outdoor space.  A modern design ties the development to the area’s emerging character, while responding to the scale of the neighborhood. The building has a gross floor area of 35,732 square feet, with a parking garage below, and three stories of housing above.  An elevator enhances accessibility, and a community room supports resident interaction and provision of resident services.  Design, construction methods, and materials all include sustainable and “green” elements.

Date Completed 2010
Total Development Cost $10.2 million
Number of Homes 32 rental apartments
Affordability 4 units for <30% AMI; 4 units < 50% AMI; 24 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; City of Chelsea; and North Suburban Consortium HOME Program
Predevelopment and Acquisition Financing The Life Initiative; Community Economic Development Assistance Corporation
Additional Funds "NeighborWorks America; The Neighborhood Developers, Inc."
Construction Loan Bank of America