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Barings Secures $54M Financing for $110M Boston Homeless Development
Charlotte, NC-based Barings has provided $53.5 million in loan commitments to finance the development of 3368 Washington, an affordable multifamily housing and homelessness support initiative in Boston.
Upon completion, the nearly 1-acre development will cater to tenants with incomes ranging from 30% to 80% of Area Median Income. According to Barings, with 140 of its 220 units being set aside for those moving out of homelessness, 3368 Washington represents the largest of its kind in Boston.
“Our long-term commitment to finance affordable housing developments and help combat homelessness in communities across the nation is pivotal to our real estate lending and investment strategy,” said Daron Tubian of Barings.
The Community Builders and Pine Street Inn are co-sponsors of the $110-million development. The project has received a diverse combination of public and private philanthropic support for construction, property operations and resident services, including Boston’s Way Home, a City of Boston program to create permanent supportive housing for chronically homeless individuals.
- ◦Development
- ◦People
