Boston Capital is providing low-income housing tax credit equity for the redevelopment of Clarendon Hill Towers, a 501-unit development in Somerville, Mass.
The firm is partnering with the Clarendon Hill Towers Tenant Association and Connolly & Partners on the project.
Located on a six-acre site, Clarendon Hill Towers will include the rehabilitation of three 12-story buildings featuring 249 one-bedroom, 216 two-bedroom, and 36 three-bedroom units. Forty-three percent of the units feature balconies.
The work will include common area renovations, unit improvements such as new cabinets and appliances, and significant upgrades to the underground parking structure and open parking spaces. A new community building will feature leasing and management offices. The proposed rehabilitation will total nearly $46,000 per unit in construction costs. Clarendon Hill Towers will be available to residents at 60 percent or less of the area median income.
The development’s new, LEED gold-certified community building will feature materials that emit low volatile organic compound content, maximize daylight and natural ventilation, and use shading devices and light shelves to reduce solar heat gain. Units will include energy-efficient appliances and low-flow toilets.
The rehabilitation of Clarendon Hill Towers will also feature the installation of a cogeneration system designed to recover waste heat from the electrical generator to produce hot water. Estimates show that cogeneration operates with 10 percent to 30 percent less fuel than it takes to produce electricity and process heat separately, further reducing energy consumption.
In addition to $16 million in equity financing provided by Boston Capital, the project is receiving construction and permanent financing from MassHousing. The Department of Housing and Community Development provided the 4 percent tax credits and $2 million in Capital Improvement and Preservation Funds, and the city of Somerville contributed $245,000 in HOME funds.