Walden House

As part of The Neighborhood Developers’ expansion into Revere, Walden House is a dramatic renovation of a historically significant, vacant former fire station that TND acquired from the city of Revere in 2010. The building has been redeveloped into seven apartments and a community room, and its historic façade and details have been preserved. The apartments have one or two bedrooms, reserved for households with at least one member who is at least 55 years old, and are available to those earning under either 60 percent or 50 percent of the area median income. Walden House is adjacent to 14-16 Nahant Ave., another property recently redeveloped by TND, and is located in the Shirley Avenue neighborhood, a residential and commercial district where TND is concentrating its investment in Revere. The MBTA Blue Line, local shopping and Revere Beach, the country’s first public beach, are all within walking distance.

Date Completed 2011
Total Development Cost $2.4 million
Development Type Gut Rehab
Number of Homes 7 rental apartments
Affordability "3 units < 50% AMI, 4 units < 60% AMI"
Development Consultants Peter Munkenbeck and David Koven
Architect "ICON architecture, inc."
Contractor NEI General Contracting
Construction Lender Massachusetts Housing Investment Corporation (MHIC)
Permanent Financing Boston Private Bank & Trust Company
Subordinate Debt North Suburban Consortium HOME Program; MHIC Neighborhood Stabilization Program; the Commonwealth of Massachusetts Department of Housing and Community Development; MassHousing; and City of Revere CDBG Program
Additional Funds Neighborworks America