MassHousing Provides Financing on Revere Mixed-Income Condos
MassHousing will provide $4.6 million in financing through the CommonWealth Builder Program to Broadway Capital Inc. to develop North Strand, a collection of 71 new mixed-income condominiums for sale in Revere. The MassHousing funding will create 18 new homeownership opportunities for moderate-income first-time homebuyers.
Broadway Capital has begun transforming a former four-story assisted living community into a new residential development that includes 1,415 square feet of commercial space. Six new homes will be sold to first-time homebuyers earning up to 70% of the Area Median Income (AMI) and 12 will sell to homebuyers earning up to 80% of AMI. The remaining 53 condos will be sold at market rates. Construction is expected to be completed in June.
“We are incredibly proud of the collaborative effort between Broadway Capital, MassHousing and the City of Revere in bringing the North Strand Condominiums project to fruition,” said Broadway Capital managing director Mikael Vienneau.
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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).