The Neighborhood Developers joins downtown Revere’s ongoing revitalization with One Beach, with new affordable housing for seniors. The new construction development will feature 39 rental apartments in a four-story building, with a mix of one-bedroom and two-bedroom homes. Building amenities will include a community room to host residents’ events and TND’s programs, a fitness room, onsite parking and laundry, an outdoor courtyard and central air-conditioning. One Beach’s design and construction incorporate many sustainable features, and TND will certify the development under the LEED Mid-Rise program.
The City of Revere is focused on revitalizing downtown and has already begun landscaping, pedestrian, and parking improvements to increase activity downtown. TND is pleased to complement their work with our investment in new housing for seniors at One Beach. The central location provides residents access to MBTA bus routes, civic services, local shopping and parks, making the location well suited for senior housing.
|Total Development Cost||$12.2 million|
|Development Type||New construction|
|Number of Homes||39 rental apartments|
|Affordability||4 units for < 30% AMI; 4 unit < 50% AMI; 31 units < 60% AMI|
|Development Consultants||Peter Munkenbeck and David Koven|
|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||Charles H. Farnsworth Trust; Massachusetts Business Development Corporation|
|Construction Loan||Bank of America|