The redevelopment of the Enterprise Block in downtown Brockton is set to move to its second phase now that $19 million in critical financing is in place to help blend affordable and workforce housing in with new market rate units.
MassHousing announced the financing deal Monday with Trinity Financial Inc. The first phase of Enterprise Center opened in 2015, and the second phase will bring 111 units, including 53 market rate apartments, to a new building that will be built on a Petronelli Way across from the city’s commuter rail station.
The first phase featured the 113-unit Residences at Centre and Main at a site formerly occupied by the Brockton Enterprise newspaper. There are 71 affordable units and 42 market rate units in the four-story building, which also holds 65,000 square feet of commercial, retail and artist exhibition space.
The redevelopment project shows the breadth of financing sources required to bring affordable homes to market. It involves permanent financing, tax-exempt bridge financing, workforce housing initiative and Affordable Housing Trust funds, low-income housing tax credits, and state and federal tax credit equity.
Bank of America is providing construction financing and Aberthaw Construction is the general contractor. –
