Fund XXIV — Boston, Massachusetts
Nolan Sheehan Patten represented Massachusetts Housing Investment Corporation in connection with its Fund XXIV Offering. The Fund will use the proceeds of the Offering to invest in low-income housing improvement projects throughout Massachusetts, supplying equity financing to assist in the creation of decent, safe and sanitary housing affordable to low-income households and in the redevelopment of economically disadvantaged neighborhoods.
132 Chestnut Hill Avenue – Brighton, Massachusetts
Nolan Sheehan Patten represented the equity investor Wells Fargo in connection with a $20 million financing of 61 new construction senior housing units in Brighton by Jewish Community Housing for the Elderly. The new 54,000 square foot building will include on-site support and amenities for JCHE’s residents, retail and commercial space, and 21 on-site parking spaces. Seven units will be reserved for formerly homeless seniors and five units will be reserved for seniors with lifelong disabilities. An enclosed pedestrian bridge will connect the new development to JCHE’s existing 700-unit campus, creating a rich and inclusive living environment for the residents. The Harry and Jeanette Weinberg House will open in the fall of 2018.
Sitkowski School Apartments – Webster, Massachusetts
Nolan Sheehan Patten represented the investor Massachusetts Housing Equity Fund (“MHEF”) in connection with the rehabilitation of an historic, decommissioned school. All historic elements will be maintained, or enhanced, with the addition of new parking areas, landscaping and streetscape improvements. The complex will have 66 units of affordable senior housing and a community/senior center. MHEF invested over $9 million in LIHTC and HTC equity.
Lyman School Apartments – East Boston, Massachusetts
Nolan Sheehan Patten represented the investor, Massachusetts Housing Equity Fund, in connection with the rehabilitation of the Lyman School in East Boston. The Theodore Lyman School building is listed in the National Register for Historic Places. Utilizing both the low-income housing tax credit and historic rehabilitation tax credit, the project will preserve 45 units of affordable housing apartments.
Burbank Gardens – Boston, Massachusetts
Nolan Sheehan Patten represented the investor, Massachusetts Housing Equity Fund XXIII in connection with the renovation of a 52 unit building in the Fenway Park area of Boston. Fenway CDC acquired $14.3M of MassHousing financing for the renovation and preservation of the affordable housing units. 28 of the 52 units were originally financed under the state’s Section 13A housing affordability program and the Burbank Gardens refinancing transaction resolves the expiring Section 13A rental subsidy. Located next to Symphony Community Park, Burbank Gardens has a community space and will provide much needed affordable housing in the area.
Abby’s House — Worcester, Massachusetts
Nolan Sheehan Patten represented the investor, Massachusetts Housing Equity Fund XXIII in connection with the renovation of a 55 unit building in Worcester, Massachusetts. The project included more than $10M in public funding from state, federal and local agencies. Abby’s House provides single room residences for women who are homeless, battered or low-income. The building, located at 52 High Street, is home to more than 50 women and also includes a thrift shop, program space and The Abby’s House’s Women’s Center.
Eustis Street Firehouse – Roxbury, Massachusetts
The oldest firehouse in Boston, the Eustis Street Firehouse was abandoned in the 1950s and fell into serious disrepair, requiring wooden braces and threatening collapse prior to construction. Given its history, however, the building remained important to the City’s character. Historic Boston, Inc. (HBI), a local nonprofit focused on rescuing, preserving, and rehabilitating historic Boston properties, decided to save the structure for its own headquarters. Nolan Sheehan Patten represented both the CDE and Investor in creating a twinned NMTC and state/federal HTC master tenant structure that delivered a $2.1 million financing package to HBI by leveraging a loan from the City of Boston, capital campaign funds, and equity investments. HBI moved into the renovated building in the fall of 2011. The move has spurred additional development and revitalization throughout the Dudley Square community.