Port Landing Tenant LLC, an affiliate of Cambridge-based developer Capstone Communities LLC, has received over $10 million in financing to build an affordable housing development in Cambridge.
Major financing sources include a $4.9 million tax-exempt bond from MassDevelopment purchased by Cambridge Trust Co., a $3.6 million low-income housing tax credit from The Massachusetts Housing Investment Corporation (MHIC) and $2 million from the Massachusetts Department of Housing and Community Development. Additional funds have been provided by the city of Cambridge and its associated affordable housing trust funds.
The funds will be used by co-developers Capstone Communities and Hope Real Estate Enterprises to build, furnish and equip a 31,100-square-foot, 20-unit affordable housing development on a 10,000 square-foot vacant parcel near Kendall Square at 131 Harvard Street. The development, to be called Port Landing, will contain four one-bedroom units, 13 two-bedroom units and three three-bedroom units.
In 1998, the Bulfinch Cos., a Needham real estate firm, deeded the property to a local neighborhood group. The deed required that it could only be used for specific community-serving uses, but the land remained undeveloped and vacant for nearly 17 years.
“By transforming a vacant parcel into affordable housing, Capstone Communities is embracing the creative, hardworking and innovative spirit of Kendall Square,” Marty Jones, MassDevelopment president and CEO, said in a statement. “Cambridge desperately needs more affordable housing, so MassDevelopment proudly supports the Port Landing development.”
Capstone Communities will rent 18 units to households earning no more than 60 percent of area median income and rent two units to households earning no more than 30 percent of area median income.
“Port Landing will provide high quality apartment homes to hard working families who have been priced out of Cambridge,” Capstone Principal Jason Korb said in a statement. “We are excited that MHIC is partnering with us on this vital community development initiative.”
The project is expected to support 36 construction jobs.
Editor’s note: This article has been updated since it was originally published.
