Acadia

Note: Completion of construction is currently delayed due to National Grid lockout and State Department of Public Utilities moratorium on non-emergency gas installation work.

Expected Completion Date:  October 2018

TND is currently in construction to create 34 new affordable rental apartments for families at Acadia, on the site of the former French Naturalization Club on Spencer Avenue in Chelsea. The site had been vacant for several years, and Acadia represents the opportunity to turn a vacant site into much-needed family housing only one block form Chelsea’s four elementary schools, and one block from major bus lines on Broadway.

 

The development will include eight units of supportive housing designated for formerly homeless families, meeting a critical need in the region. These homes will serve families who are living in shelters, who have lost their homes and are in other temporary housing, or families in imminent risk of losing their housing. TND is partnering with Housing Families, Inc. to provide supportive services to these households to improve their economic security and help them access resources like education, workforce development, health care and public benefits. Three homes will be built for residents with disabilities under the Community Based Housing Program (CBH). The building will include a community room, common laundry, on-site parking for all 34 homes, central air conditioning, and new landscaping and public way improvements along Spencer Avenue to benefit residents and community members alike.

 

  • Expected Completion Date: October 2018

  • Expected Total Development Cost: $14.7 million

  • Development Type: New construction

  • Number of homes: 34 rental apartments (5 one-bedroom, 22 two-bedroom, 7 three-bedroom)

  • Affordability: 11 units for < 30% AMI; 23 units < 60% AMI

  • Development Consultant: Peter Munkenbeck

  • Architect: Utile, Inc.

  • Contractor: NEI General Contracting

  • Supportive Service Partner: Housing Families, Inc.

  • Equity: RBC Capital Markets

  • Federal and State Low Income Housing Tax Credits: The Low Income Housing Tax Credit Program of the Commonwealth of Massachusetts Department of Housing and Community Development

  • Tax-Exempt Bond Financing: MassDevelopment

  • Construction and Permanent Financing: Boston Private Bank

  • Subordinate Debt: The Commonwealth of Massachusetts Department of Housing and Community Development; Community Economic Development Assistance Corporation; North Suburban HOME Consortium

  • Acquisition, Predevelopment and Construction Financing: The Life Initiative