December 2, 2015
Silver Street is excited to announce the closing of its latest LIHTC transaction, Louis Barett Residence, a 145-unit, 12-story apartment complex for seniors in Lynn, MA, approximately 11 miles northeast of downtown Boston.
The 4% LIHTC transaction’s total development cost exceeds $28.5 million and was financed by approximately $17 million in mortgage financing from MassHousing and over $8 million in LIHTC equity from Boston Financial. Over the next year, Silver Street and its affiliated general contractor, Port Harbor Construction, will substantially renovate the +40 year old property and such renovations will include energy efficient upgrades to the heating /hot water systems, new appliances, new doors, new windows, new kitchen and bathroom finishes, common area renovations, and exterior improvements.
The acquisition and rehabilitation of Louis Barett Residence is a testament to Silver Street’s ability to close complex transactions in a timely manner and the organization’s continued commitment to preserving the country’s affordable housing stock.