Eastern Bank is providing construction financing for a new mixed-income residential development at 775 Huntington Ave. in Boston’s Mission Hill neighborhood. The bank is serving as lead lender on the project, which is sponsored by nonprofit Roxbury Tenants of Harvard (RTH) and designed to deliver a blend of affordable and market-rate housing along with commercial space and structured parking.
The development will feature 55 mixed-income homeownership units, including 27 affordable homes and 28 market-rate homes. In addition, plans call for 57 affordable rental units in a new 13-story building. The combination of for-sale and rental housing in a single coordinated project positions 775 Huntington Ave. as a multi-faceted residential offering within Mission Hill.
Eastern Bank has arranged a $68,600,000 construction financing package that supports both the rental and homeownership components of the project. The loan is structured to address the varying requirements of the different housing types within the development, reflecting the complexity of delivering multiple affordability levels and tenure structures on one site.
Pam Feingold, senior vice president and group director of community development lending at Eastern Bank, described the transaction as one that brings together several distinct housing types in a coordinated development, requiring careful structuring and close collaboration among stakeholders. Her comments underscore the importance of aligning financing terms with both affordable and market-rate elements in a single capital plan.
The community development lending team for Eastern Bank on this assignment is being led by Feingold, along with senior vice president and community development lending team leader Yongmei Chen and senior vice president and community development lending relationship manager Angela Meehan. Their involvement highlights the role of a specialized community development group in underwriting and executing financing for mission-driven multifamily projects.
With a mix of affordable rental units, affordable ownership opportunities, and market-rate homes, the 775 Huntington Ave. project aims to broaden housing options in Mission Hill while integrating residential uses with commercial space and parking. Eastern Bank’s lead lender role and construction financing package provide the capital foundation needed to move the mixed-income development forward.
