Navjeet Bal Of MassDevelopment Provides $23.5M Loan For Affordable Housing Development In Revere

The asset involved in this transaction is a development site located at 110 Ocean Avenue in Revere, MA. The project consists of a 56-unit affordable housing development with a loan amount of $23,500,000 provided for the financing of this initiative.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $23,500,000
• Lender: Navjeet Bal - MassDevelopment
• Landlord: Rafael Mares - The Neighborhood Developers
• Market: Revere, MA
• Units: 56 units total, including 32 units for households ≤50% AMI and 24 units ≤30% AMI

The individuals key to this transaction are Navjeet Bal, who represented MassDevelopment as the lender, and Rafael Mares, who represented The Neighborhood Developers as the landlord. They played significant roles in securing the financing and operational management of the development project.