Brookline, MA – MassDevelopment has issued a $77,905,045 tax-exempt bond and a $48,426,968 taxable bond on behalf of Puddingstone at Chestnut Hill, LLC, an affiliate of Chestnut Hill Realty Corp., which will use proceeds to build a 6-story, 250-unit mixed-income multifamily rental housing facility on 3.78 acres of undeveloped land at 201 Sherman Road in Brookline.
The building, dubbed Puddingstone at Chestnut Hill, will include 90 one-bedroom units, 135 two-bedroom units, and 25 three-bedroom units. Brookline Bank purchased the bonds, which helped Chestnut Hill Realty achieve a lower cost of capital.
Of the facility’s 250 units, 50 will be affordable. Forty-two units will be rented to households earning up to 50% of the area median income (AMI) ($70,100 for a four-person household) and eight units will be rented to households earning no more than 30% of AMI ($42,060 for a four-person household). The property will include 377 surface parking spaces provided through a two-level parking garage and surface parking. The site is within the Brookline portion of Hancock Village, an existing 978-unit apartment community also owned by Chestnut Hill Realty.
In addition to the tax-exempt and taxable bonds, MassDevelopment assisted the Massachusetts Department of Housing and Community Development with the approval of federal low-income housing tax credits that will provide approximately $12.6 million in equity for the project.
“Brookline Bank is committed to working with our clients by assisting in the capitalization of affordable housing projects whether through investing in tax credits or providing debt as we did for Chestnut Hill Realty’s recent developments at Hancock Village,” said Brookline Bank executive vice president of commercial real estate, Bob Brown. “Peter Lennon and his team arranged a $126.3 million construction and permanent loan for the development of 250 units of which 50 are affordable, while Ali Abdullah’s Community Development Team invested directly in the low-income housing tax credits.”
