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MassDevelopment Arranges Financing for Jamaica Plain Conversion
MassDevelopment has issued a $37,630,000 tax-exempt bond on behalf of 361 Centre St LLC, an affiliate of Pennrose, LLC, which will use proceeds to convert the former Blessed Sacrament Church located in Boston’s Jamaica Plain neighborhood into 55 units of affordable housing. The adaptive reuse of the historic church represents a close collaboration between Pennrose and the local nonprofit Hyde Square Task Force, which purchased the property in 2014.
Once complete, the project will include 13 two-bedroom units, 25 one-bedroom units and 17 studio apartments. Construction is underway and completion is expected in early 2028.
The tax-exempt bond, purchased by Citizens, helped the borrower achieve a lower cost of capital. Massachusetts Housing Partnership will assume the bond and provide long-term fixed-rate financing for the project upon completion.
Additionally, MassDevelopment assisted the Massachusetts Executive Office of Housing and Livable Communities in obtaining federal Low-Income Housing Tax Credits, providing approximately $32.8 million in equity.
- ◦Development
- ◦Financing
