Posted on October 16, 2015
| HYANNIS, Oct. 16, 2015 --- With the second-home real estate market making Cape Cod too expensive for year-round workers, it was no surprise that the grand opening of Village Green Phase I was hailed as a step forward and that Phase II couldn't come fast enough. "I'm excited about seeing housing that is for families," said Chrystal Kornegay, the Baker Administration's undersecretary for housing, at grand opening ceremonies on Oct. 15. "If we're not building for working families, then we're not building for our future."
Built by Dakota Partners of Waltham with a Ch. 40B comprehensive permit on land sold by a public trust, Village Green is close to jobs as it is located near an industrial park and about a mile from the Cape Cod mall and Rt. 6. Cape Cod Regional bus service makes stops at the development's entrance. "We are pleased to offer affordable housing for Cape Cod workers and families," said Roberto Arista, principal for Dakota Partners. "Economic diversity strengthens communities and people who work on the Cape should be able to afford to live here."
MHP is supporting the development with a $2.6 million long-term financing commitment from its bank-funded loan pool, the second loan MHP has done with Dakota. MHP has also provided a $3.65 million for Tenney Place, a 72-unit rental development in Haverhill. MHP provides more long-term financing for new tax credit rental developments than any other lender in Massachusetts
Village Green received additional state funding via federal HOME funds, the Housing Stabilization Fund and the Affordable Housing Trust Fund, which is adminisgtered by MassHousing. Locally, it received funding from the Barnstable HOME Consortium and the Barnstable Affordable Trust. Bank of America provided construction financing and is the tax credit investor. Stratford Capital Group was the tax credit syndicator. Phase I consisted of two 30-unit, three-story apartment buildings, plus a community building. Phase II will feature an additional 60 units in two buildings. The Baker Administration announced in Sept. that Phase II would receive tax-credit funding and construction is set to begin soon. For more information about this development and MHP's financing options, contact MHP Senior Loan Officer Megan Mulcahy at 617-330-9944 x269. |
"Dakota Partners deserves a lot of credit for their high level of expertise, responsiveness and patience in working through the community process to get this much-needed housing done," said MHP Senior Loan Officer Megan Mulcahy.