Boston – MassHousing has closed on $10.6 million in affordable housing financing to Arx Urban and Boston Communities for the construction of 62 mixed-income, transit-oriented apartment homes on Chelsea’s main commercial corridor.
The 375 Broadway project involves the development of a new 43-unit, 6-story building along with the moderate rehabilitation of an existing 19-unit building at Broadway and Fourth Street. The new transit-oriented affordable housing community will be near the city’s MBTA Commuter Rail station and five major bus routes.
MassHousing is providing the development team with $7.7 million in permanent financing and $2.9 million in workforce housing financing. Other financing sources include $23.9 million in equity from an allocation of state and federal Low Income Housing Tax Credits by the Executive Office of Housing and Livable Communities (EOHLC), $3.5 million in direct support from EOHLC, $2.1 million in financing through the Affordable Housing Trust Fund, which MassHousing manages on behalf of EOHLC, $29 million in construction financing from First Citizens Bank, $1.1 million in financing from the North Suburban Consortium, $700,000 in Chelsea American Rescue Plan Act and Community Preservation Act financing, $38,697 in energy credit financing and $75,466 in solar credit financing. The tax credit investor and syndicator is Boston Financial Investment Management, LP.
Of the 62 new apartments at 375 Broadway, nine will be restricted to households earning up to 30% of the Area Median Income (AMI) and supported by the federal Section 8 program (eight units) as well as the Massachusetts Rental Voucher Program (MRVP, one unit). Two units will be restricted to households earning up to 50% of AMI (both supported by MRVP), 27 apartments will be restricted to households earning up to 60% of AMI (five of which are supported by MRVP), 19 apartments will be workforce housing units for households earning up to 100% of AMI, and five apartments will be unrestricted and rented at market rates. There will be 15 studios, 11 one-bedroom apartments, 30 two-bedroom apartments, and six three-bedroom apartments.
The first floor of the new building will contain a parking garage with bicycle storage, EV car chargers, building systems, and a residential lobby. The remaining floors will contain residential units and amenity spaces which include a club lounge, fitness room and exterior patio that joins the second stories of each building and will provide seating and recreational space for residents.
The new building will pursue aggressive goals around efficient energy design including Passive House certification and compliance with all Enterprise Green Communities and Energy Star Multifamily New Construction requirements. Each building will include water-conserving faucets and showerheads, as well as new low-flow toilets.
The general contractor is Haycon Inc.; the architect is The Architectural Team; and the management agent will be Peabody Properties. Construction is expected to be completed by December 2026.
