“Mixed-Income Development in Brookline Secured Through Major Investment from Chestnut Hill Realty – $126M”

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

About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax and REVVED Up Accounting. In addition, Steve founded Madison Avenue Technology. With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.

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