Boston Capital Partners with North Shore Community Development Coalition and Action, Inc. on Multifamily Community in Gloucester, MA

February 11, 2020 — Boston Capital is investing in the development of Harbor Village, a 30 unit mixed-use development in Gloucester, Massachusetts. Following the demolition of a former restaurant and bar, the Harbor Village development will include a four-story building featuring commercial and management space on the first level and 30 affordable apartments on the upper three levels.

Harbor Village is being developed in conjunction with North Shore Community Development Coalition (North Shore CDC) based in Salem, MA and Action Inc., the community action agency serving Gloucester and the Greater Cape Ann region. Units will be available to individuals and families with incomes at or below 60 percent of Area Median Income (AMI).

“We’re excited to partner with Mickey Northcutt, Peggy Hegarty-Steck and the North Shore Community Development Coalition and Action Inc. teams in the development of Harbor Village,” said Jack Manning, president and CEO of Boston Capital. “A high demand for affordable housing combined with the apartment community’s desirable location on Main Street in Gloucester will make this an attractive option for families and individuals in need.”

Located 27 miles north of Boston, Harbor Village will feature 10 one-bedroom, 17 two bedroom and three three-bedroom apartments. Unit amenities will include dishwashers and central air conditioning. Development amenities will include on-site management, a laundry facility, a community room, meeting rooms and an elevator. The property will also provide 30 off-street parking spaces. Harbor Village is conveniently located near employment opportunities, supportive services, retail, healthcare, and public transportation.  Expected completion is mid 2021.

The apartment community will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. To date, Boston Capital has invested in more than 5,000 affordable apartments in Massachusetts.

About North Shore Community Development Coalition:

As the leading community development organization serving Massachusetts’s North Shore region, North Shore Community Development Coalition carries forward 40+ years of collective experience and successful community investment, having reorganized as a regional community development organization in 2011. Focusing on low-income and distressed neighborhoods in need of development, North Shore CDC invests strategically in real estate, in community and civic engagement and in quality, neighborhood-based programming in order to bring opportunity to low-income residents and improve quality of life on the North Shore.

About Action Inc.:

Established in 1965, Action Inc. has been dedicated to fighting poverty and advocating for the low-income community on Cape Ann for more than 50 years. Today, Action Inc. serves more than 5,500 local residents each year, providing vital services and resources, and helping everyone in the community access opportunities to build a better life. With a focus on housing, education and training, and energy programming, Action Inc. provides a broad range of support for local families in need, and collaborates with hundreds of partners to help build a fairer community for all.

About Boston Capital:

Boston Capital, headquartered in Boston, MA, is a real estate investment and advisory firm specializing in equity investments in affordable multifamily housing and market rate apartment communities. Boston Capital’s holdings presently include 1,300 multifamily apartment properties in all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands and Guam, constituting nearly 108,000 apartment homes. Boston Capital is one of the largest owners/investors of apartment properties in the United States.

For More Information:

Allison E. Marino
Public Affairs/Media
617.624.8678