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Leggat McCall JV Closes on Financing for Second Building in Bunker Hill Revamp
The Boston Housing Authority (BHA) and a joint venture of Leggat McCall Properties and Joseph J. Corcoran Company have closed on financing for the construction of Building F, the Bunker Hill Housing Redevelopment’s second apartment building, a nine-story, mixed-income development of 208 market-rate and 58 affordable units located in Boston’s historic Charlestown neighborhood. The City of Boston’s Housing Accelerator Fund provided $50 million in equity, and Cottonwood Group provided a $122-million note.
The building is part of the first phase of a large-scale master plan, developed in partnership with the BHA and resident leadership of the Charlestown Resident Alliance, that will redevelop the entire Bunker Hill public housing community over the next decade, for a total of 2,699 units of housing.
With a combination of MassTimber/Cross-Laminated Timber and prefabricated interior and exterior wall systems, the new Passive-House certified $176.2-million building is expected to be completed in 18 months.
- ◦Development
- ◦Financing
