Boston & New England + Massachusetts + Finance | August 17, 2023

Eastern Bank Provides Financing for Mashpee Affordable Housing Development

Eastern Bank has provided financing for the LeClair Village Apartments development in Mashpee, MA. Comprising 39 affordable rental units, the project is a collaboration between the Housing Assistance Corporation and Preservation of Affordable Housing, with Eastern Bank serving as a vital financing partner.

Scheduled for completion in 2025, LeClair Village Apartments will offer one, two, and three-bedroom units to low- and moderate-income households. The bank’s involvement includes a construction loan, permanent financing for ongoing operations, and approximately $10 million in Federal Low-Income Housing Tax Credit investment.

“As the housing crisis on the Cape escalates, the need to narrow the affordability gap for low- and moderate-income residents has become more important than ever,” said Aaron Gornstein, president and CEO of Preservation of Affordable Housing.

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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.

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