Boston officials including Mayor Michelle Wu, holding check, right, and others pose for a photo in front of 237 Cummins Highway in Roslindale on Dec. 11, 2025, to mark the city's contribution towards the building's purchase by Lavi Investments LLC
A public-private loan fund designed to acquire apartment buildings in Boston marked its 1-year anniversary at a Roslindale property that received funding for its acquisition in September.
Known as The Hillcrest, the 16-unit apartment building at 237 Cummins Highway sold for $5.6 million on Sept. 29 with a $3.8 million acquisition loan from Massachusetts Housing Investment Corp., administrator of the fund, and a $2.4 million loan from the city of Boston.
The property will receive upgrades including mechanical and electrical upgrades, said Adler Bernadin of Lavi Investment, which acquired the property.
The Acquisition Opportunity Fund has issued four loans preserving 400 housing units thus far, Mayor Michelle Wu said at a press conference held at the property this morning.
“Time and time again, we see when buildings are bought, residents get cleared out, rents get jacked up extremely high, and then we lose students in our schools, seniors in our community and families who have made Boston who we are,” Wu said.
The property offered below-market rents, but was listed for sale earlier this year.
Donations from a group of institutions including local hospitals enabled the creation of the city’s Boston Acquisition Fund in late 2024.
The fund launched with $8 million in seed money from donors and $5 million in a city grant last year, with the goal of acquiring apartment buildings and preserving permanent affordability for tenants. Its goal is to prevent displacement due to rent hikes and condominium conversions by converting units into deed-restricted affordable housing.
In announcing the fund’s creation last year, Wu appealed to businesses and institutions for donations. The fund’s original financial goal was to raise another $12 million.
First-Citizens Bank will be joining the fund with an additional $1 million investment, Wu announced today.
