Eastern Bank Provides $45 Million Loan For 96-Unit Development At 127 Amory Street

The asset involved in this transaction is a development site located at 127 Amory Street in Jamaica Plain, MA. The project encompasses a significant loan amount of $45,000,000, which will contribute to the funding of a 96-unit apartment project. This initiative is part of a larger redevelopment effort planned for a total of 305 units in collaboration with multiple organizations.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $45,000,000
• Lender: Eastern Bank
• Landlord: Boston Housing Authority
• Landlord: Urban Edge
• Landlord: Jamaica Plain Neighborhood Development Corp
• Note: MassDevelopment issued a $45M tax-exempt bond, purchased by Eastern Bank, to support this project.

This transaction involves key stakeholders that include Eastern Bank, which is providing the financing, and the Boston Housing Authority, Urban Edge, and Jamaica Plain Neighborhood Development Corp, which are collaborating on the development project. Their joint efforts aim to enhance housing availability in the Jamaica Plain area with the newly proposed units.