MassDevelopment has issued $77.9 million in tax-exempt bonds and $48.4 million in taxable bonds to Puddingstone at Chestnut Hill, an affiliate of Chestnut Hill Realty, to fund the construction of a six-story, 250-unit mixed-income multifamily rental housing facility on 3.78 acres of undeveloped land at 201 Sherman Road in Brookline, Massachusetts. Brookline Bank purchased the bonds which helped achieve a lower cost of capital for the project.
Dan Rivera, MassDevelopment president and CEO commented: “We are proud to be partnering with Chestnut Hill Realty’s efforts to develop Hancock Village with a vibrant mix of housing for residents at various income levels.” Of the facility’s 250 units 50 will be affordable; 42 units rented up to 50% area median income (AMI) and 8 units rented up no more than 30% AMI
