93 Centre Street and 28 Petronelli Way
Nolan Sheehan Patten provided tax planning advice on the use of Opportunity Zone benefits and the Federal Historic Tax Credit in connection with the rehabilitation of two buildings in Brockton, Massachusetts. Both buildings further a downtown revitalization effort. The building at 93 Centre Street was a former furniture store. The building at 28 Petronelli Street once housed the boxing gym of Brockton native Marvin Hagler. Both are being converted to residential rental uses.
Concord Highlands - Cambridge, Massachusetts
Nolan Sheehan Patten represented Homeowner’s Rehab., Inc., in the acquisition and financing of Concord Highlands, a new, 98-unit affordable housing project in Cambridge. We assisted HRI in acquiring the property, utilizing a ground lease structure and assembling a financing package which included construction financing from TD Bank, N.A.; permanent financing from MassHousing, the Massachusetts Housing Stabilization Fund, the Massachusetts Affordable Housing Trust Fund, the City of Cambridge and the Cambridge Affordable Housing Trust; and equity financing from the Massachusetts Housing Investment Corporation and the sale of Massachusetts State Low Income Housing Tax Credits. Our representation also involved assisting in matters arising from permitting the project under the 40B Comprehensive Permit program. 100% of the units in this Project will be reserved for families in need of affordable housing.
86 Dummer Street, Brookline - Massachusetts
Nolan Sheehan Patten represented the Brookline Housing Authority in connection with the 86 Dummer Street project, in Brookline, Massachusetts. Conveniently located close to Commonwealth Avenue, Boston University and the MBTA Green line, the 32-unit affordable rental housing building was the largest new construction of its kind in Brookline in almost four decades. The 38,500 SF, energy-efficient, wood-frame building includes a landscaped green space, play structures and basketball court, energy-efficient windows, gas-fired heat and hot water and Energy Star appliances. The one, two and three-bedroom units are available to low-income families, senior citizens and people with disabilities. Nolan Sheehan Patten advised the Brookline Housing Authority in assembling a financing package of over $16 million, which consisted of construction/permanent financing from Bank of America, N.A. and Massachusetts Housing Partnership Fund Board, public financing from the City of Brookline, DHCD, AHT, CEDAC and FHLB, and an equity investment from Richman Capital.
Talbot Commons Phase I – Dorchester, MA
Nolan Sheehan Patten represented Codman Square Neighborhood Development Corporation in connection with the rehabilitation of a 40-unit, scattered site, affordable housing project in Dorchester. In the course of our representation, we assisted in resolving complex zoning and permitting issues and assembling a diverse package of financing which included equity financing from Enterprise Community Partners, Inc., and debt financing from MassDevelopment, East Boston Savings Bank, and several sources of funding from the City of Boston and Commonwealth of Massachusetts including the Housing Stabilization and Investment Trust Fund, Affordable Housing Trust Fund, Commercial Area Transit Node Housing Program, City and State HOME Investment Partnerships Program, City of Boston Community Preservation Act program, and City of Boston Neighborhood Housing Trust. This project also received Massachusetts State Low Income Housing Tax Credits and will benefit from 9 project based vouchers through the Massachusetts Rental Voucher Program. All 40 units of housing in this project will be restricted for families in need of affordable housing with 31 units reserved for those at or below 60% of area median income and 9 units reserved for those at or below 30% of area median income.
Virginia Blanchard School – Uxbridge, Massachusetts
Nolan Sheehan Patten represented the nonprofit developer Virginia Blanchard Memorial Housing Association, Inc. and JNJUHL and Associates LLC in the renovation of a former school as a much-needed 25-unit affordable housing development. Located in Uxbridge, MA, the Virginia A. Blanchard School was built in 1873, and is listed on the National Register of Historic Places. The project was funded by a combination of federal low-income housing and historic tax credits, state low-income housing and historic tax credits, federal and state lending sources, and private lending sources. Upon completion, 100% of the units at the Blanchard School will be reserved for residents with incomes of 60% or less than the area median, with a priority for veterans and local residents.
Paris Village – East Boston, Massachusetts
Nolan Sheehan Patten represented the developer EBCDC Inc. in connection with the development of 32 units of affordable housing in East Boston. Financing sources included loans from Citizens Bank, the City of Boston, DHCD, AHT and MHP, together with tax credit financing from Boston Financial. The project will revitalize the neighborhood by developing a currently vacant parcel of land.
Putnam Green Apartments – Cambridge, Massachusetts
Furthering the transition of a formerly industrial section of Cambridge into a cohesive residential community, Nolan Sheehan Patten represented Homeowner’s Rehab., Inc. (HRI) in utilizing a ground lease structure to acquire and finance this new, 40-unit, affordable housing complex. The units have been built to satisfy, and are in the process of being certified for, the LEED for Homes Platinum standard. We advised HRI in assembling a financing package of over $13 million, which consisted of construction/permanent financing from TD Bank, N.A. and Massachusetts Housing Partnership Fund Board, public financing from the City of Cambridge, DHCD, CEDAC and MassHousing, and equity financing from the Massachusetts Housing Equity Fund, Inc. Of the 40 units, 6 are reserved for families with incomes below 30% median income and 3 are accessible to individuals with mobility and/or sensory impairments. This development now fills the streetscape along Putnam Avenue and Sidney Street and adds to the residential vitality of the neighborhood.