Financing Will Preserve 116 Affordable Apartments in Chelsea
A $25.35 million tax-exempt bond from MassDevelopment will be used by a nonprofit to acquire and modernize 116 affordable apartments in Chelsea.
The Alchemy of Gateway City Development
Can a state agency serve as a true partner and a local catalyst for golden opportunities in the commonwealth’s underperforming urban neighborhoods? MassDevelopment’s transformative experiences with Gateway Cities tells us that we can.
Green Bond to Finance Springfield College Academic Building
A $107 million financing package from MassDevelopment will pay for a series of projects at Springfield College, including $45 million for a new health sciences building that received a Green Bond designation.
Life Science Manufacturer Breaks Ground on Devens Plant
A British manufacturer broke ground today on a 150,000-square-foot new facility at the state-owned Devens business park.
Major Renovations at 300-Unit Springfield Complex Financed
Bonds from MassDevelopment worth $39 million are set to finance major renovations at a 346-unit Springfield apartment complex, and help convert dozens of market-rate units in the building to affordable housing.
First Bay State Hotel-to-Housing Conversion Begins
A former Brockton hotel is being converted into apartments for formerly homeless people under a project receiving $5.3 million in financing from MassDevelopment.
Former Haverhill School Slated for Apartment Conversion
A $6.5 million loan from Pentucket Bank and MassDevelopment will support the conversion of a former parochial school in Haverhill into 36 market-rate apartments.
Market-Rate Developers Get Financing for Two Lawrence Projects
MassDevelopment and The Savings Bank of Wakefield have partnered in a 50-50 financing partnership for two downtown Lawrence real estate projects that add a combined 58 units of market-rate housing in downtown Lawrence.
Gateway Cities Get $390K for Downtown Recovery
Nine Gateway Cities will receive a combined $390,000 in MassDevelopment grants for programs ranging from lease subsidies to facade improvements designed to help downtown business districts bounce back from the COVID-19 business downturn.
The Neighborhood Developers Begins Everett Church Redevelopment
The Neighborhood Developers Inc. will use a $9.1 million tax-exempt bond from MassDevelopment and Boston Private Bank for site preparations at a 33-unit affordable rental complex in Everett.
Downtown Beverly Roominghouse to be Redeveloped for Additional Housing
A $10.5-million tax-exempt bond issued by MassDevelopment and purchased by Eastern Bank will help an affiliate of the YMCA of the North Shore renovate and expand a downtown Beverly roominghouse for additional housing.
Devens in Demand
A surge of developments and business expansions – ranging from clean energy to biomanufacturing and life science research – at the state-run Devens business park are shattering the narrative of stagnant commercial real estate prospects outside Interstate 495.
Changing Work Patterns to Influence State’s Redevelopment Push
A parcel of land in a Pittsfield business park that “looks like the surface of the moon” and has been “undevelopable and in a state of deterioration for over 20 years,” according to the city’s mayor, is receiving a $880,000 state grant to help make it ready for future development.
Green Energy Company Expanding with Move to Devens
A Cambridge-based energy company that’s collaborating with Massachusetts Institute of Technology on climate change-fighting technology will occupy a new 160,000-square-foot manufacturing facility developed by King Street Properties of Boston at Devens.
MassDevelopment Financing Renovations as Charter School Returns to Springfield
A $13.35-million tax-exempt bond from MassDevelopment will pay for renovations of Springfield Preparatory Charter School’s new location, enabling the school to add 108 students and expand to grades seven and eight.
State Offers $8M for ‘Stuck’ Developments
The state’s economic development finance agency is offering a pot of money to help eliminate blight and increase housing production in the state’s downtowns and town centers.
Downtown Housing Is Lawrence’s Missing Puzzle Piece
Local officials and economic development specialists say underutilized office buildings and neglected parcels in the heart of downtown present a compelling opportunity for housing conversions and new construction.
Gateway Cities Shape the ‘New Normal’ for CRE Development
The realities of a fast-approaching post-pandemic world present opportunities for unleashing the commercial real estate potential of Gateway Cities like Lawrence, Springfield, Brockton and Pittsfield through transformative transit-oriented development
State Launches One-Stop Website for Economic Development Applications
For-profit and nonprofit developers looking to use any of 10 state grant programs as part of their financing packages will now be able to find them all in the same place.
Fire-Damaged Westfield Property to Receive $28M Renovation
A 248-unit Westfield multifamily complex that was damaged in a 2018 fire will receive financing from MassHousing, enabling a nonprofit developer to begin a $28-million renovation project.
