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The HIT is helping finance the new Charlesview Apartments in Boston’s Brighton neighborhood. The $152 million project will replace an older 213-unit affordable development of the same name with 240 new affordable rental apartments. Current tenants will be relocated to the new development.
The new Charlesview Apartments feature townhouse and mid-rise buildings, as well as parking and over 23,000 square feet of retail and community space. Designed to be environmentally friendly and sustainable, the complex will be LEED-certifiable.
The HIT is providing $58.2 million in financing for the $152 million project. This includes a $34.7 million tax-exempt bridge loan and a $23.5 million taxable bridge loan through the purchase of bonds issued by MassHousing.
Work on the Charlesview Apartments is expected to generate approximately 860 jobs for members of the local building and construction trades unions.
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