BOSTON — New York City-based affordable housing firm Hudson Valley Property Group (HVPG) has acquired Boston Bay and Hope Bay, two adjacent affordable housing communities in the Dorchester neighborhood of Boston. The deal marks HVPG’s first in Massachusetts. The properties, located at 205 Magnolia St. (Boston Bay) and 5 Norwell St. (Hope Bay), consist of 20 buildings across two sites originally constructed between 1890 and 1920. Total project costs related to this preservation project are approximately $52.5 million, funded with a Fannie Mae loan provided by KeyBank.
HVPG is planning approximately $6.4 million in renovations, averaging approximately $48,000 per unit. The scope of work will include kitchen and bathroom upgrades with water-saving fixtures and energy-efficient appliances. Common area enhancements and upgraded security features also will be added throughout both properties. Additionally, LED lighting will be installed at building exteriors and common areas. As a result of the acquisition-rehab transaction, affordability will be extended for 27 years at Boston Bay and 31 years at Hope Bay, with household income capped at 30 percent of area median income for residents.