Dignitaries, including Cambridge Mayor Denise Simmons and Just-A-Start Executive Director Carl Nagy-Koechlin, center and holding the same shovel, and state Housing Secretary Ed Augustus, fourth from left, pose for a photo at the groundbreaking ceremony for Just-A-Start's 52 New St. development. Photo courtesy of MassHousing
What: 52 New St.
Where: Cambridge
Owner: Just-A-Start
Built: 2024
The first housing permitted under the city of Cambridge’s affordable housing density bonus program celebrated its groundbreaking last week next to North Cambridge’s Danehy Park.
Affordable housing developer Just-A-Start used the bonuses available under Cambridge’s Affordable Housing Overlay to add roughly 30 more apartments to its development than would have been available under the city’s traditional zoning. In its first six months in 2021, the overlay – which only applies to fully affordable buildings – attracted proposals for over 300 new housing units. The 6-story 52 New St. building accounted for 106 of those homes.
MassHousing is providing Just-A-Start with $41.6 million in financing for the project, including $15.4 million in permanent financing and $24.7 million in tax credit equity bridge financing. A $43 million combination of state and federal low-income housing tax credits, $9.7 million in city affordable housing grants, $4.2 million in state grants, solar tax credit financing, $1.3 million in sponsor loans and a $47.5 million construction loan from Santander Bank round out the capital stack. RBC Community Investments will be the tax credit syndicator.
The building was designed by RODE Architects, is being built by Callahan Inc. and will be managed by Wingate Management Co. upon completion, expected in fall 2025.
They Said It:
“52 New Street will be Just-A-Start’s largest-ever construction project, arriving when Cambridge residents need it most. Together with our development partners, we’re fostering a brighter future for 106 families in a city with tremendous opportunity, showcasing our unwavering dedication to ensuring access to equitable housing.”
— Carl Nagy-Koechlin, executive director, Just-A-Start
