M&T Realty Capital Corp. is financing the development of a 47-unit mixed-income property in Boston.
Located in the Dorchester neighborhood, 247 Hancock will feature 35 affordable housing units, including 15 supported by project-based vouchers. The project is being developed by Arx Urban and Boston Communities with support from the city of Boston and the Massachusetts Executive Office of Housing and Livable Communities.
It will feature a six-story building with a mix of studio, one-, two-, and three-bedroom units. Amenities will include a fitness studio, a tenant lounge, a rooftop deck, green space, and on-site parking. The project is expected to complete construction in early 2027, with permanent loan conversion anticipated later that year.
Key financing was originated by Matt Newton, managing director of M&T’s Boston office.
The package includes a $6.34 million Freddie Mac unfunded forward commitment under the 9% low-income housing tax credit (LIHTC) program, a $19.17 million construction loan provided by Dan Feyock of M&T Bank, and a $19.29 million tax credit equity investment from Bob Nichols of M&T Bank, which includes both state LIHTC equity and federal energy credits.