Just-A-Start Corp., a nonprofit developer, has landed a $22.6 million loan for the acquisition and renovation of affordable apartments in Cambridge, Mass. Located at 50 York St., the funding will be used to for the construction of a building which was destroyed in a fire in December 2016. MassHousing arranged a $10.1 million permanent loan and a $12.5 million bridge loan through JP Morgan Chase. Additional financing for the $45.6 million transaction includes: $14.2 million in Low-Income Housing Tax Credits by the Massachusetts Department of Housing and Community Development, $3.8 million Just-a-Start seller note, $5.2 million sponsor loan, $10.1 million in assumed subordinate debt, a $540,000 loan from Cambridge Redevelopment Authority and $435,000 in deferred developer fees. The plans call for 112 units, of which 41 are supported by a federal Section 8 Housing Assistance Payment contract. The contractor for the project, which was designed by Winslow Architects, is NEI General Contracting. Management will be handled by Maloney Properties.
“We are very pleased to provide financing to rehabilitate and preserve these important affordable housing units in Cambridge,’’ said Tom Lyons, acting executive director for MassHousing. “Cambridge has one of the most expensive housing markets in the country, and to be able to preserve these units for low- and moderate-income households is critical for these residents to be able to live and work in a community like Cambridge. Equally important is the reconstruction of 50 York St., which was destroyed in the devastating fire in December 2016. Those residents who were literally driven from their apartments will have the opportunity to return to a brand-new building and continue to rent affordably in a neighborhood they consider home.’’
