Image courtesy of Elite Home Builders LLC
MassDevelopment provided $4 million in financing to a homebuilder toward the latest housing project at Devens: a 46-unit mixed-income apartment complex.
The agency sold 77 Grant Road to Elite Home Builders LLC, which will construct a 3-story, 56,000 square-foot building on the property.
The transaction price was $575,000, according to a Worcester County deed.
The project, known as Emerson Green Residences, will be the latest phase of the Emerson Green neighborhood developed by NOW Communities. The previous phases included 35 single-family homes, 20 duplexes and three townhouses.
Gov. Maura Healey signed legislation in 2024 that removed the previous cap of 282 total housing units at the 4,400-acre business park in central Massachusetts. Since then, MassDevelopment has issued requests for proposals for numerous residential development sites on 69 acres.
In February, MassDevelopment sold 2 acres to Andover-based modular home company Reframe Systems for construction of 12 for-sale townhomes at 25 Adams Circle.
“A strong economy depends on strong communities with enough housing to support a growing workforce,” Economic Development Secretary Eric Paley said in a statement. “Projects like Emerson Green Residences help strengthen Devens as a place where businesses can grow, workers can live, and communities can thrive.”
Project financing includes a $6.5 million loan from Florence Bank for acquisition and construction costs, and a $4 million loan from MassDevelopment for construction costs.
The Harvard Municipal Affordable Housing Trust provided $1 million toward the affordable portion of the project, which will include 23 income-restricted units.
Construction is set to begin in early fall and wrap up in 2027.
