B’nai B’rith Housing, a not-for-profit corporation whose mission is to produce nonsectarian housing, said Monday that it has begun construction on a 64-unit apartment complex in Sudbury that is aimed at “active” adults age 55 and older.
The complex is called the Coolidge at Sudbury, and building costs are projected to be $16.7, said Brighton-based B’nai B’rith Housing, which in May bought the land that the complex will be located on for $2 million. The land was purchased from the Mercuri family. The expectation is that the Coolidge will be ready for occupancy in mid 2014.
The complex’s name honors the Coolidge family, which operated greenhouses on the site for many years. The new construction will be a colonial-style building that will replace the site’s decaying greenhouses and single family home.
“Our Sudbury development provides a housing alternative that does not currently exist in Sudbury – an option for existing Sudbury residents as well as seniors who may relocate to be closer to adult children and grandchildren,” Susan Gittelman, executive director of B’nai B’rith Housing, said in a statement. “The plan is to create a high-quality rental community that promotes active living.”
Building costs are being financed by Bank of America/Merrill Lynch. About $10.7 million of private equity has been raised associated with an award of federal and state tax low-income housing credits allocated through the Commonwealth of Massachusetts’ Executive Office of Housing and Economic Development, B’nai B’rith Housing said. Other sources of funding include the Sudbury Housing Trust and MetroWest Home Consortium fund, $1 million from the state’s Affordable Housing Trust Fund, and $750,000 from the state’s Housing Stabilization Fund.
Chris Reidy can be reached at firstname.lastname@example.org.