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Boston & New England  + Metro Boston  + Senior Housing  | 
MassHousing has closed on $16.8 million o redevelop Zelma Lacey House in Boston, MA into independent living housing for seniors.

MassHousing Closes on $17M for Adaptive Reuse of Zelma Lacey House in Charlestown

MassHousing has closed on $16.8 million in affordable housing financing to the non-profit Affordable Housing and Services Collaborative and Peabody Properties for the redevelopment of a three-story property in the Boston, MA submarket of Charlestown into 48 units of affordable, independent living housing for senior citizens.

MassHousing is providing the development team with a $2.9 million construction and permanent loan and a $13.9 million bridge loan. Other financing sources include $14.6 million in Low Income Housing Tax Credit equity, $2.1 million from the Massachusetts Department of Housing and Community Development, $2 million from the Affordable Housing Trust Fund, (which MassHousing manages on behalf of DHCD) and a $1 million sponsor loan.

 Zelma Lacey House will consist of nine studio apartments, 38 one-bedroom apartments and one two-bedroom apartment. Thirteen of the apartments will be subsidized with a federal Section 8 Housing Assistance Payment contract with seven of those units restricted to households earning up to 30% AMI and six units restricted to households earning up to 50% AMI. An additional unit will be restricted to a household earning up to 50% AMI and 34 units will be restricted to households earning up to 60% AM.

The general contractor will be NEI General Contracting, Inc, the architect is The Architectural Team and the management agent will be Peabody Properties.

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About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Development
  • ◦Financing