Business
Eastern Bank Provides Financing For 775 Huntington Avenue, A Mixed‑Income Residential Development In Boston’s Mission Hill Neighborhood
The 13‑story development will create 57 affordable rental units and 55 mixed‑income homeownership units for households in Mission Hill BOSTON--(BUSINESS
About this update from Eastern Bankshares, Inc.
[{"type":"text","content":"\nThe 13‑story development will create 57 affordable rental units and 55 mixed‑income homeownership units for households in Mission Hill\n\n\n BOSTON--(BUSINESS WIRE)--\nEastern Bank is pleased to announce financing for 775 Huntington Avenue, a new mixed-income residential development located in the Mission Hill neighborhood of Boston. Sponsored by Roxbury Tenants of Harvard (RTH), the project will create 55 mixed-income homeownership units, comprised of 27 affordable homes and 28 market‑rate homes, and 57 affordable rental units within a new 13‑story building that also includes commercial space and structured parking. Eastern is serving as the lead lender, providing a $68.6 million construction financing package supporting both the rental and homeownership components.\n\n\nRTH is a long-standing, resident-controlled nonprofit in Mission Hill providing more than 1,000 housing units as well as extensive resident services, including food programs, fitness and wellness offerings, youth programs, and community engagement initiatives. “This project allows us to continue serving Mission Hill residents with high‑quality homes and meaningful resident‑centered services,” said Karen Gately, Executive Director of Roxbury Tenants of Harvard. “Eastern Bank’s deep understanding of community development financing was instrumental in helping us shape a development that brings both rental and homeownership opportunities to families across income levels. Their support strengthens long-term housing stability and access within our community.”\n\n\n“775 Huntington Avenue brings together several distinct housing types in one coordinated development, requiring thoughtful structuring and close collaboration,\" said Pam Feingold, Senior Vice President and Group Director of Community Development Lending of Eastern Bank. \"We are proud to support Roxbury Tenants of Harvard in advancing more affordable housing for Mission Hill residents for years to come.”\n\n\nEastern provides a range of community development financing offerings to fund the development of affordable housing and support the credit needs of nonprofits. Community development lending solutions include construction and real estate financing, working capital lines of credit, multi-layered leverage loans for both New Market and Low-Income Housing Tax Credit projects, tax-exempt bond financing, a...