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Chestnut Hill Realty Secures $126M for Mixed-Income Development in Brookline
MassDevelopment has issued $77.9 million in tax-exempt bonds and $48.4 million in taxable bonds to Puddingstone at Chestnut Hill, an affiliate of Chestnut Hill Realty, to fund the construction of a six-story, 250-unit mixed-income multifamily rental housing facility on 3.78 acres of undeveloped land at 201 Sherman Road in Brookline, Massachusetts.
“MassDevelopment is proud to be a continued partner in Chestnut Hill Realty’s efforts to develop Hancock Village with a vibrant mix of housing for residents at various income levels,” said Dan Rivera, MassDevelopment president and CEO.
Brookline Bank purchased the bonds, which helped Chestnut Hill Realty achieve a lower cost of capital. Of the facility’s 250 units, 50 will be affordable, with 42 units rented to households earning up to 50% of the area median income and eight units rented to households earning no more than 30% of the local area median income.
- ◦Development
