Walden House

Quick facts

City: Revere

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

Overview

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.

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Development team

Development consultants: David Koven, Peter Munkenbeck

Architect: ICON architecture, inc

Contractor: NEI General Contracting

Construction lender: Massachusetts Housing Investment Corporation (MHIC)

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: 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

Predevelopment and acquisition financing: The Life Initiative; Community Economic Development Assistance Corporation

Additional funds: Neighborworks America