Boston Capital announced that it is investing in the construction of two multifamily apartment communities, Conifer Hill Commons Phase I and Phase II, in Danvers, Mass.
The developer is Danvers-based Kavanagh Advisory Group, LLC.
The development is being financed with low-income housing tax credit equity from Boston Capital.
Phase I features 48 units—12 one-bedroom, 30 two-bedroom, and six three-bedroom apartments in three three-story buildings—for families earning no more than 60 percent of the area median income (AMI). There will also be walking trails, a playground, 106 outdoor parking spaces, and a community room.
The second-phase development will feature 42 units—nine one-bedroom, 27 two-bedroom, and six three-bedroom units—for families earning no more than 60 percent of the AMI. This development will also feature three three-story buildings.
The construction is estimated to generate $9.2 million in local income and create approximately 136 jobs in the Danvers area.
Boston Capital’s investment in Conifer Hill Commons adds 90 units of affordable housing to its apartment portfolio. To date, the tax credit syndicator has invested in more than 4,100 units of affordable housing in Massachusetts.