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The planned Dr. Michael E. Haynes Arms building. Image courtesy of Micheal Washington Architects.
A $22 million loan from Rockland Trust Co. is kickstarting a mixed-income development including mixed-income housing and a new headquarters for Cruz Cos., one of the region’s largest minority-owned construction firms.
The first mortgage construction and permanent loan will finance the 4-story Dr. Michael E. Haynes Arms building, which will contain 55 affordable and workforce housing available to households earning up to 120 percent of the area median income, with the remainder of its 95 units being market-rate.
The $34 million project at 280 Warren St. is named after the former state representative, minister and Roxbury community leader who died last September at age 92.
Commercial space on the first floor will be the future headquarters of the Cruz Cos., a third-generation, minority-owned firm founded in 1948.
Along with Rockland Trust’s loan, the project received $18.8 million of state and federal tax credits syndicated by Stratford Capital, $4.3 million in funding from the state Department of Housing and Community Development, $2 million in funding from the city of Boston and $1.6 million in funding from MassHousing Workforce Funding.
