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POAH Gets Eastern Bank Financing for Mashpee Project

By Steve Adams | Banker & Tradesman Staff | Aug 18, 2023 | Reprints | Unlock Link

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Image courtesy of DREAM Collaborative

Financing from Eastern Bank will enable a Boston-based nonprofit housing developer to complete 39 income-restricted apartments in Mashpee.

Lead developer Preservation of Affordable Housing and partner Housing Assistance Corp. will develop the LeClair Village project at 950 Falmouth Road.

Scheduled for completion in 2025, the three-building complex will include 39 affordable rental units for low- and moderate-income households.

Eastern Bank provided a construction loan, permanent financing and $10 million in federal low-income housing tax credit investment. Massachusetts Housing Investment Corp. was the tax credit syndicator.

The development is named after Mary LeClair, a former board member at Housing Assistance Corp. and affordable housing advocate.

The project is designed to Passive House standards by architects DREAM Collaborative, Horsley Witten Engineering and Delphi Construction.

B&T Daily