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Boston & New England  + Metro Boston  + Senior Housing  | 

$22M Tax-Exempt Bond Supports Affordable Seniors Project in Foxborough

MassDevelopment recently issued a $22.2-million-tax-exempt bond on behalf of Walnut Street Phase One 4 LLC to build 80 units of affordable senior housing at 51 Walnut St. in Foxborough, a project developed by a joint venture including Affordable Housing and Services Collaborative, Inc., Peabody Properties, Inc., and The Onyx Group. The site, previously owned by the Commonwealth of Massachusetts, was conveyed to the Foxborough Housing Authority in 2017.

These units represent the first step in a multi-phase project to construct 200 new units of affordable senior housing at the site. The tax-exempt bond was purchased by Citizens Bank. In addition to the tax-exempt bond, federal low-income housing tax credits will provide approximately $15.1 million in equity.

“This is a major win for Foxborough and a great example of how MassDevelopment can assist at every stage of an economic development project,” said acting MassDevelopment president and CEO Dan O’Connell.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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