Image courtesy of DHK Architects
Boston-based Alinea Capital Partners will develop 52 affordable apartments at a former Registry of Motor Vehicles property in downtown New Bedford after closing on $16.4 million in financing.
The 10 @ 8th project will demolish the vacant former Registry offices to make way for the 5-story building, including ground-floor commercial space and income-restricted rental units.
MassHousing provided $2.2 million in permanent financing and $14.2 million in tax credit equity bridge financing.
The state of Massachusetts awarded $17.4 million in state and federal low-income housing tax credits, while the Massachusetts Office of Housing and Livable Communities provided $8.9 million in direct support.
Other sources of financing included Community Development Block Grants and American Rescue Plan Act, the Affordable Housing Trust Fund, solar tax credits and Mass Save.
JPMorgan Chase & Co. provided $15.6 million in construction financing.
“As New Bedford becomes a hub of America’s emerging offshore wind industry, we are proud to be a critical part of building the Whaling City’s bright future,” Alinea Capital Partners Managing Member L. Duane Jackson said in a statement.
The project reserves 36 apartments for households earning up to 60 percent of area median income, eight apartments at up to 80 percent of AMI, and eight units at a maximum 30 percent of AMI and supported by Section 8 vouchers.
Scheduled for completion in June 2025, the project was designed by Boston-based DHK Architects and will be built by contractor D.F. Pray. WinnCompanies has been selected as management agent.
