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4w ago

Partnership Closes $172 Million for 266-Unit Bunker Hill Building in Boston

The financing advances a decade-long plan to replace aging public housing with a 2,699-home mixed-income community that preserves deeply affordable units.

Pictured is a rendering of the repositioned Building F that is part of the Bunker Hill Housing Redevelopment initiative in Charlestown. In addition to bolstering the community's stock of affordable and market-rate housing, the redevelopment is expected to create approximately 1,785 jobs, including 185 permanent retail and property management jobs.

Overview

  • The Boston Housing Authority, Leggat McCall Properties and Joseph J. Corcoran Co., which announced the deal Tuesday, will fund Building F, a nine-story, 266-unit building in Charlestown with 208 market-rate homes and 58 affordable apartments.
  • The financing pairs a $122 million construction loan from Cottonwood Group with $50 million in equity from Boston’s Housing Accelerator Fund.
  • Site work has begun, with vertical construction due within weeks and an 18-month build that will use prefabricated wall systems.
  • Suffolk is the general contractor and Stantec is the architect, with work proceeding under a Project Labor Agreement with regional building trades unions.
  • The wider plan will replace 42 aging buildings with 15 new ones and keep all 1,110 public housing units as deeply affordable within a 2,699-home community.