BOSTON — M&T Realty Capital Corp. has provided $44.8 million in funding for a 47-unit mixed-income development in the Dorchester neighborhood of Boston. Arx Urban and Boston Communities are the developers. Thirty-five units are designated affordable, which include 15 units supported by project-based vouchers. Rent restrictions were not disclosed. M&T’s financing package includes a $6.3 million Freddie Mac forward commitment, a $19.2 million construction loan and $19.3 million in tax credit equity. The 247 Hancock development will feature a six-story building with a mix of studios and one-, two- and three-bedroom units. Amenities will include a fitness center, a lounge, a rooftop deck, green space and on-site parking. Completion is slated for early 2027, with permanent loan conversion anticipated later that year.
Arx Urban and Boston Communities are developing 247 Hancock, a mixed-income community in Boston. M&T Realty Capital Corp. has provided $44.8 million in various forms of funding to support the project.
M&T Provides $44.8 Million in Financing for Boston Mixed-Income Project
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