One Beach
Quick facts
City: Revere
Date completed: 2016
Total development cost: $12.2 million
Development type: New construction
Number of homes: 39 rental apartments
Population: Seniors
Affordability: 4 units for < 30% AMI; 4 unit < 50% AMI; 31 units < 60% AMI
Overview
Located in downtown Revere, One Beach, offers affordable housing for seniors. The development features 39 rental apartments in a four-story building, with a mix of one-bedroom and two-bedroom homes. Building amenities include a community room to host residents’ events and TND’s programs, a fitness room, onsite parking and laundry, an outdoor courtyard and central air-conditioning.
One Beach’s design and construction incorporate many sustainable features, and TND certities the development under the LEED Mid-Rise Program.
The construction of One Beach coincided with a downtown revitalization effort led by the City of Revere, with City investments in landscaping, pedestrian, and parking improvements to increase downtown activity. TND is pleased to complement the City’s work with our investment in new housing for seniors at One Beach. The central location provides residents access to MBTA bus routes, civic services, local shopping and parks, making the location well suited for senior housing.
Development team
Development consultants: David Koven, Peter Munkenbeck
Architect: Utile, Inc.
Contractor: NEI General Contracting
Equity: Bank of America
Federal low income housing tax credits: The Low Income Housing Tax Credit Program of the Commonwealth of Massachusetts Department of Housing and Community Development
Acquisition and Predevelopment financing: The Life Initiative
Construction financing: Bank of America
Permanent financing: Massachusetts Housing Partnership
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: Charles H. Farnsworth Trust; Massachusetts Business Development Corporation
