On a once vacant parcel of land adjacent to a commuter rail station and an MBTA garage, a 67-unit transit- oriented development is nearing completion.
MassHousing provided $1.6 million in financing from its Workforce Housing Initiative and a $600,000 subordinate loan through the Federal Home Loan Bank of Boston's Helping to House New England Fund to help finance Holmes Beverly.
Most of the units at the property will be rented at market prices, but 16 are workforce housing units. Of those, 14 will be reserved for residents earning at or below 80% of the area median income (AMI), and two others for residents earning no more than 110% of AMI. The AMI in Beverly is $98,100.
The property is named after Oliver Wendell Holmes, who served as an Associate Justice for the Supreme Court of the United States from 1902 to 1932. Holmes had a summer home in Beverly, which was designated a National Historic Landmark in 1972.
All apartments will be dog friendly, and building amenities include a gym with a yoga studio, a roof deck, a library with a fireplace and a telecommuting meeting space. The accommodations and the convenient location next to transportation options make Holmes Beverly an ideal place for workforce housing. The apartments will be open to rent in August 2018.
The developer is Barnat Development, founded by Sarah Barnat.