MassDevelopment has issued a $34,308,000 tax-exempt bond on behalf of 25 Garvey Street Housing, LLC, an affiliate of Atlanta-based Impact Residential Development and locally based The Neighborhood Developers, which will use bond proceeds to build a new 125-unit affordable housing development at 25 Garvey St. in Everett, MA. Construction is underway and is expected to be completed in May 2027.
The tax-exempt bond, purchased by First Citizens Bank with participation from Eastern Bank, helped the borrower achieve a lower cost of capital. Massachusetts Housing Partnership and Eastern Bank will assume the First Citizens Bank bond and provide long-term fixed-rate financing for the project upon completion of construction.
In addition to the tax-exempt bond, MassDevelopment assisted the Massachusetts Executive Office of Housing and Livable Communities with the approval of federal Low-Income Housing Tax Credits that will provide approximately $21.9 million in equity for the project.
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