MassDevelopment has issued $45 million in tax-exempt bonds on behalf of BC Leefort Terrace LLC, an affiliate of Beacon Communities LLC, which is using proceeds to redevelop the outdated Leefort Terrace housing development in Salem built in 1958 containing 50 garden-style one-bedroom units across eight buildings. The company secured a 99-year ground lease from Salem Housing Authority for the property, demolished the existing buildings, and is building a new three- and four-story, 124-unit affordable rental housing facility in their place. Beacon Communities created a for-profit affiliate, BC Leefort Terrace LLC, for the purpose of facilitating this tax-exempt bond financing. The tax-exempt bonds, purchased by Citizens and Eastern Bank, helped BC Leefort Terrace LLC achieve a lower cost of capital; Massachusetts Housing Partnership will assume the Citizens bond and provide long-term fixed-rate financing for the project upon construction completion. Construction began June 2024 and is expected to be completed May 2026. In addition to the tax-exempt bonds, MassDevelopment assisted the Massachusetts Executive Office of Housing and Livable Communities with the approval of federal low-income housing tax credits that will provide approximately $29.2 million in equity for the project. bit.ly/403vWcs
MassDevelopment
Financial Services
Boston, MA 9,038 followers
We provide the finance tools & real estate expertise necessary to help businesses, nonprofits & communities grow in MA
About us
MassDevelopment, the state’s development finance agency and land bank, works with businesses, nonprofits, banks, and communities to stimulate economic growth. Through these collaborations we help create jobs, increase the number of housing units, revitalize urban environments, and address factors limiting economic growth including transportation, energy, and infrastructure deficiencies. During Fiscal Year 2023, MassDevelopment financed or managed 545 projects generating investment of more than $2 billion in the Massachusetts economy. These projects are estimated to create or support 10,522 jobs and build or preserve 1,583 housing units.
- Website
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http://www.massdevelopment.com
External link for MassDevelopment
- Industry
- Financial Services
- Company size
- 51-200 employees
- Headquarters
- Boston, MA
- Type
- Government Agency
- Founded
- 1998
- Specialties
- Finance, Banking, Real Estate Consulting, Real Estate Development, Municipal Consulting, Lending, Bond Financing, Economic Development, Technical Assistance, Brownfields, Manufacturing, Emerging Technology Companies, Cultural Facilities, Nonprofits, Housing, Transformative Development Initiative, Collaborative Workspaces, and Placemaking
Locations
Employees at MassDevelopment
Updates
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Congratulations to Creative Hub Worcester for breaking ground last week on the new Community Arts Center, which will transform the historic former Ionic Ave Boys Club building into a hub for emerging and established artists! MassDevelopment Deputy Director and Senior Executive Vice President Marcos Marrero spoke about our support for this center, from a loan to secure the building to grants from the Underutilized Properties Program, Transformative Development Initiative (TDI) Equity Investment, Cultural Facilities Fund, and Collaborative Workspace Program.
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MassDevelopment is hiring a Project Engineer. The Project Engineer will manage projects from conception to completion, with direct oversight of consultants and contractors for the preparation of detailed construction bid documents. The Project Engineer will manage the bidding process for construction and Requests for Quotations (RFQs) for consulting services. This role involves overseeing project activities and coordinating with stakeholders to ensure timelines and budgets are met. Additional responsibilities include conducting site visits, inspections, and ensuring compliance with safety regulations and quality standards. The ideal candidate will have strong problem-solving skills and a proactive project management approach. Learn more and apply: bit.ly/3KGjypS
Careers - MassDevelopment
massdevelopment.com
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MassDevelopment reposted this
Business owners, local developers and manufacturers are invited to meet face-to-face with state representatives from key programs designed to support your growth. These experts are here to share information and answer questions about the resources available, from grant opportunities to workforce development support. Maria Nigro Di Stefano, MPA, Northeast Regional Director for MOBD and Geetha Rao Ramani ,Vice President Business Development for MassDevelopment will be available at the Peabody Area Chamber of Commerce office by appointment on Wednesday, October 23rd, between 10:00 a.m. and 12:00 p.m. More info and to book an appointment: https://lnkd.in/eA2sujf8
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Public art has helped strengthen Gateway Cities like Pittsfield by building pride and advancing the local creative economy. Great to see the Transformative Development Initiative (TDI)-led "Let It Shine!" public art initiative featured in the Boston Globe! Shout-out to "Let It Shine!" committee members Downtown Pittsfield, Inc., the City of Pittsfield, and Mill Town Foundation, as well as current local artists-in-residence Jesse Tobin McCauley, Huckleberry Elling, and Marina Domínguez. bit.ly/4drTURK
Berkshires public art shines in golden autumn light - The Boston Globe
bostonglobe.com
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The City of Medford, Medford, MA 02155 is seeking a developer for a new mixed-use project on city-owned land in Medford Square featuring housing and ground-floor commercial space. Our real estate planning and predevelopment team helped the city develop its Request for Proposals (RFP): bit.ly/3XYyWo2
RFP25-0196LegalNoticefinal.pdf
resources.finalsite.net
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Many thanks to Massachusetts Executive Office of Economic Development (EOED) Secretary Yvonne Hao, Assistant Secretary Juan Vega, and their team for hosting this celebration of #HispanicHeritageMonth — our Deputy Director and Senior Executive Vice President Marcos Marrero and Transformative Development Initiative (TDI) Director Anabelle Rondon were proud to participate!
This Hispanic Heritage Month, we celebrate the vibrant culture and contributions of our Hispanic and Latinx communities. Through ongoing conversations across our administration, we're working to build an economy that uplifts community leaders, business owners, and innovators who are driving a brighter future.
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MassDevelopment’s Devens Fire Department is hiring a Firefighter/EMT. Applicants with paramedic qualifications are preferred. Learn more and apply: bit.ly/3KGjypS
Careers - MassDevelopment
massdevelopment.com
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Congratulations, B'nai B'rith Housing! We are proud to support this project via tax-exempt financing with Eastern Bank and our Senior Vice President of Housing Finance Tony Fracasso was glad to attend your groundbreaking.
Exciting news for Hyde Park! We held the groundbreaking of our new affordable housing project today, which will bring 63 high-quality senior housing units to the heart of Logan Square. We welcomed Sheila Dillon, Boston’s Chief of Housing; Nikko Mendoza, MA Undersecretary and Chief of Staff, Executive Office of Housing and Living Communities, Rob Consalvo , MA State Rep, Enrique José Pepén, Boston City Councilor for Hyde Park; Ruthzee Louijeune, Boston City Council President, Giovanny Valencia, BBH Board President, and Pete Flynn from Red Stone Equity Partners, LLC. This project marks a significant step towards providing more affordable housing options for our seniors in the Boston area. BBH continues its commitment to creating vibrant, inclusive communities where older adults can age with dignity and independence. #affordablehousing #seniorliving #bostoncommunity #hydepark #bostonhousing
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As #ManufacturingMonth kicks off, we’re sponsoring FORGE's event at White Lion Brewing Company tonight that will explore the state of manufacturing in Western Massachusetts. Learn more and register: bit.ly/4eFPfMU
State of Manufacturing in Western Massachusetts 2024
eventbrite.com