A tax-exempt bond issued by MassDevelopment will help support the acquisition and redevelopment of a housing complex at 35 Northampton St.
The $52 million project, which also includes the redevelopment of a 12-story building at 860 Harrison Ave., is expected to create up to 245 units of affordable rental housing.
The $27,750,000 bond was issued on behalf of the Trinity Northampton Phase One Limited Partnership and was purchased by TD Bank, according to a statement from MassDevelopment, the state’s finance and development agency.
“Trinity Financial has added to the quality stock of affordable housing in Boston and beyond, and we’re pleased to leverage this low-cost financing on behalf of the project,” Marty Jones, president and CEO of MassDevelopment, said in a statement. “Creating a variety of housing options for all incomes is integral to the Commonwealth’s economy and MassDevelopment’s mission.”
The project, which was approved by the Boston Redevelopment Authority’s Board in September 2012, also includes the conversion of the Harrison Avenue building’s office space to handicapped-accessible rental units and the construction of a walkway to connect the two buildings.
As part of the project the adjacent parking garage will also be upgraded and made more accessible, in addition to upgrades to the buildings' lobbies and ground floors.
The site, which is owned by the Boston Public Health Commission, previously was used as dorms for the Boston City Hospital School of Nursing, according to the BRA.
“We are excited to be partnering with the Boston Public Health Commission on a project that preserves an important housing resource in the City of Boston and ensures its affordability into the future,” Eva Erlich, a project manager for Trinity Financial, said in a statement. “We greatly appreciate MassDevelopment and the many other public and private partners for the significant impact their investment will have on this community.”