Eastern Bank Provides Financing For LeClair Village Apartments, An Affordable Housing Development On Cape Cod
The three-building complex in Mashpee will feature 39 affordable rental units designed to serve low- and moderate-income households
Eastern Bank is pleased to announce its financing for the development of the LeClair Village Apartments, in Mashpee, MA. Scheduled to open in 2025, LeClair Village will feature 39 affordable rental units designed to serve low- and moderate-income households, including 14 one-bedroom apartments, 21 two-bedroom units, and 4 three-bedroom apartments. Eastern is providing a construction loan for the build-out of the Village, permanent financing for the ongoing operations of the Village, and an estimated $10 million in Federal Low-Income Housing Tax Credit investment.
LeClair Village Apartments is under development through a collaboration between Housing Assistance Corporation and Preservation of Affordable Housing, Inc. (POAH), with POAH serving as lead developer. Both organizations were recently recognized by Eastern Bank Foundation as 2023 Community Advocacy Award honorees for their leadership in affordable housing on the Cape. The development is named after Mary LeClair, a long-time champion of housing issues on Cape Cod and a former board member at Housing Assistance Corporation.
“As the housing crisis on the Cape escalates, the need to narrow the affordability gap for low- and moderate-income residents has become more important than ever,” said Aaron Gornstein, President and CEO of Preservation of Affordable Housing. “Eastern’s background as a community bank with a specialty in community development lending set them apart as a banking lender as they understand the full range of needs to create a financing package for this project. We are thrilled to work with them as we set this development in motion.”
“The development of LeClair Village Apartments serves as an essential investment in the health of both our Mashpee community and economy,” said Alisa Magnotta, CEO of Housing Assistance Corporation. “We are excited to provide this development to our most at-need residents, and continue our mission to ensure high-quality, accessible housing for all.”
“Quality affordable housing is a key element of a strong and stable economy,” said Yongmei Chen, Senior Vice President and Team Leader of the Community Development Lending Group at Eastern Bank. “Through a collaborative financing model with community organizations, the LeClair Village Apartments will provide affordable and stable housing for low-income residents. Eastern Bank is proud to work with Preservation of Affordable Housing and Housing Assistance Corporation, and we look forward to seeing this project’s advancement of opportunity for households in the Cape Cod region.”
Eastern provides a range of community development financing offerings to fund the development of affordable housing and support the credit needs of non-profits. Community development lending solutions include construction and real estate financing, working capital lines of credit, multi-layered leverage loans for both New Market and Low-Income Housing Tax Credit projects, tax-exempt bond financing, and highly sophisticated treasury services and deposit products.
The Community Development Lending team advising the LeClair Village Apartments was led by Senior Vice President and Team Leader of the Community Development Lending Group Yongmei Chen and Commercial Portfolio Manager Penelope Billington Hunt. Eastern collaborated with Massachusetts Housing Investment Corporation, which served as syndicator for the tax credit investment.
About Eastern Bank
Founded in 1818, Boston-based Eastern Bank has more than 120 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. As of June 30, 2023, Eastern Bank had approximately $22 billion in total assets. Eastern provides banking, investment and insurance products and services for consumers and businesses of all sizes, including through its Eastern Wealth Management division and its Eastern Insurance Group LLC subsidiary. Eastern takes pride in its outspoken advocacy and community support that includes $240 million in charitable giving since 1994. An inclusive company, Eastern employs approximately 2,100 deeply committed professionals who value relationships with their customers, colleagues and communities. Join us for good at www.easternbank.com and follow Eastern on Facebook, LinkedIn, Twitter and Instagram. Eastern Bankshares, Inc. (Nasdaq Global Select Market: EBC) is the stock holding company for Eastern Bank. For investor information, visit investor.easternbank.com.