Eastern Bank Provides Financing For LeClair Village Apartments, An Affordable Housing Development On Cape Cod
16 Août 2023 - 5:33PM
Business Wire
The three-building complex in Mashpee will feature 39 affordable
rental units designed to serve low- and moderate-income
households
Eastern Bank is pleased to announce its financing for the
development of the LeClair Village Apartments, in Mashpee, MA.
Scheduled to open in 2025, LeClair Village will feature 39
affordable rental units designed to serve low- and moderate-income
households, including 14 one-bedroom apartments, 21 two-bedroom
units, and 4 three-bedroom apartments. Eastern is providing a
construction loan for the build-out of the Village, permanent
financing for the ongoing operations of the Village, and an
estimated $10 million in Federal Low-Income Housing Tax Credit
investment.
LeClair Village Apartments is under development through a
collaboration between Housing Assistance Corporation and
Preservation of Affordable Housing, Inc. (POAH), with POAH serving
as lead developer. Both organizations were recently recognized by
Eastern Bank Foundation as 2023 Community Advocacy Award honorees
for their leadership in affordable housing on the Cape. The
development is named after Mary LeClair, a long-time champion of
housing issues on Cape Cod and a former board member at Housing
Assistance Corporation.
“As the housing crisis on the Cape escalates, the need to narrow
the affordability gap for low- and moderate-income residents has
become more important than ever,” said Aaron Gornstein, President
and CEO of Preservation of Affordable Housing. “Eastern’s
background as a community bank with a specialty in community
development lending set them apart as a banking lender as they
understand the full range of needs to create a financing package
for this project. We are thrilled to work with them as we set this
development in motion.”
“The development of LeClair Village Apartments serves as an
essential investment in the health of both our Mashpee community
and economy,” said Alisa Magnotta, CEO of Housing Assistance
Corporation. “We are excited to provide this development to our
most at-need residents, and continue our mission to ensure
high-quality, accessible housing for all.”
“Quality affordable housing is a key element of a strong and
stable economy,” said Yongmei Chen, Senior Vice President and Team
Leader of the Community Development Lending Group at Eastern Bank.
“Through a collaborative financing model with community
organizations, the LeClair Village Apartments will provide
affordable and stable housing for low-income residents. Eastern
Bank is proud to work with Preservation of Affordable Housing and
Housing Assistance Corporation, and we look forward to seeing this
project’s advancement of opportunity for households in the Cape Cod
region.”
Eastern provides a range of community development financing
offerings to fund the development of affordable housing and support
the credit needs of non-profits. 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, and highly sophisticated treasury services and deposit
products.
The Community Development Lending team advising the LeClair
Village Apartments was led by Senior Vice President and Team Leader
of the Community Development Lending Group Yongmei Chen and
Commercial Portfolio Manager Penelope Billington Hunt. Eastern
collaborated with Massachusetts Housing Investment Corporation,
which served as syndicator for the tax credit investment.
About Eastern Bank Founded in 1818, Boston-based
Eastern Bank has more than 120 locations serving communities in
eastern Massachusetts, southern and coastal New Hampshire, and
Rhode Island. As of June 30, 2023, Eastern Bank had approximately
$22 billion in total assets. Eastern provides banking, investment
and insurance products and services for consumers and businesses of
all sizes, including through its Eastern Wealth Management division
and its Eastern Insurance Group LLC subsidiary. Eastern takes pride
in its outspoken advocacy and community support that includes $240
million in charitable giving since 1994. An inclusive company,
Eastern employs approximately 2,100 deeply committed professionals
who value relationships with their customers, colleagues and
communities. Join us for good at www.easternbank.com and follow
Eastern on Facebook, LinkedIn, Twitter and Instagram. Eastern
Bankshares, Inc. (Nasdaq Global Select Market: EBC) is the stock
holding company for Eastern Bank. For investor information, visit
investor.easternbank.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230816832332/en/
Media contact: Andrea Goodman Eastern Bank
a.goodman@easternbank.com 781-598-7847
Investor contact: Jill Belliveau Eastern Bankshares, Inc.
InvestorRelations@easternbank.com 781-598-7920
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