Image courtesy of The Architectural Team
MassDevelopment has issued a $34.31 million tax-exempt bond on behalf of 25 Garvey Street Housing, LLC, a joint venture of Impact Residential Development and The Neighborhood Developers, which will use bond proceeds to build a new 125-unit affordable housing development at 25 Garvey St. in Everett.
The development is the first all-affordable project in Everett’s Commercial Triangle neighborhood.
“MassDevelopment is pleased to issue a tax-exempt bond to help bring 125 new units of affordable housing online in Everett,” MassDevelopment President and CEO Navjeet Bal said in a statement. “We congratulate Impact Residential Development and The Neighborhood Developers for their leadership in developing this project, and we thank our financing partners at First Citizens Bank, Eastern Bank, and Massachusetts Housing Partnership for their commitment to advancing new housing production in our state.”
The tax-exempt bond, purchased by First Citizens Bank with participation from Eastern Bank, helped the borrowers achieve a lower cost of capital.
MHP and Eastern Bank will assume the First Citizens Bank bond and provide long-term fixed-rate financing for the project upon construction completion, MassDevelopment said.
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 $21.9 million in equity for the project.
“The Healey-Driscoll Administration is proud to partner with MassDevelopment and support the creation of 125 affordable homes in Everett,” Secretary of Housing and Livable Communities Ed Augustus said in a statement provided by MassDevelopment. “We are committed to helping every community achieve their housing goals, and we applaud Impact Residential Development and The Neighborhood Developers for their efforts to build new high-quality apartments for Everett residents.”
The development will include 107 units rented to households earning up to 60 percent of the area median income, 17 units rented to households earning up to 30 percent of the area median income, and one manager unit. Construction is underway and is expected to be completed in May 2027.
“This development ensures that longtime Everett families can remain part of this city’s growth,” Everett Mayor Carlo DeMaria said in a statement provided by MassDevelopment. “This isn’t just about bricks and mortar, it’s about people and families who deserve stability, dignity, and the chance to build a future right here in Everett. Affordable housing is more than a policy goal; it’s a moral obligation. We owe it to our residents to create a city where everyone, no matter their income, has a place to call home. This project is a promise kept and a step toward a more inclusive Everett.”
