571 Revere St.
Quick facts
City: Revere
Date completed: 2021
Total development cost: $22,571,323
Development type: New construction
Number of homes: 51 rental apartments
Affordability: 6 units at 30% AMI, 5 units at 50% AMI, 21 units at 60% AMI, 19 units at 90% AMI
Overview
571 Revere is a transit-oriented, new construction development that creates 51 new rental homes for families. The site is within a 10-minute walk of the Wonderland MBTA station, a five-minute walk of Revere Beach and adjacent to “Waterfront Square,” where the City of Revere has encouraged private investment and economic development through the creation of more than 600 market-rate rental apartments. 571 Revere complements this investment by expanding housing options for households with a range of incomes.
571 Revere builds upon our successful community development work in Revere, where, since 2010, we have served more than 1,000 residents through our workforce development programs, created 86 new affordable rental homes, funded and built public parks and public art, expanded our workforce development programs of CONNECT, and hosted many community event.
Development team
Architect: Arrowstreet
Contractor: NEI General Contracting
Development consultants: Peter Munkenbeck
Acquisition financing: The Life Initiative
Predevelopment financing: Local Initiative Support Corporation, Community Economic Development Assistance Corporation
Construction financing: Santander Bank N.A.
Low income housing tax credit investors: Boston Financial Investment Management; Dorfman Capital
Permanent financing: MassHousing
Subordinate debt: The Commonwealth of Massachusetts Department of Housing and Community Development; MassHousing; Community Economic Development Assistance Corporation; and North Suburban Consortium HOME Program
Additional funds: MassSave, The Massachusetts Clean Energy Center
