Boston Housing Authority Secures $172 Million Loan For Bunker Hill Development In Charlestown

The asset involved in the transaction is a development site located at 55 Bunker Hill Street in Charlestown, MA. This project comprises 266 units as part of Boston’s Bunker Hill redevelopment initiative. The financing secured for this project amounts to $172 million, which includes $122 million in construction debt and $50 million in equity. The anticipated delivery timeframe for the project is approximately 18 months.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $172,000,000
• Address: 55 Bunker Hill Street
• Market: Charlestown, MA
• Asset Units: 266
• Lender: Cottonwood Group
• Landlord: Boston Housing Authority
• Landlord's Representatives: Eric Sheffels - Leggat McCall Properties, Joseph J. Corcoran - Joseph J. Corcoran Co

Key individuals involved in this transaction include Eric Sheffels and Joseph J. Corcoran, representing the landlord, Boston Housing Authority. The project is significant as it represents the second phase of a broader 2,699-unit master plan aimed at redevelopment in the area.