MassHousing will provide $4.6 million in financing through the CommonWealth Builder Program to Broadway Capital Inc. to develop North Strand, a collection of 71 new mixed-income condominiums for sale in Revere. The MassHousing funding will create 18 new homeownership opportunities for moderate-income first-time homebuyers.    

Broadway Capital has begun transforming a former four-story assisted living community  into a new residential development that includes 1,415 square feet of commercial space. Six new homes will be sold to first-time homebuyers earning up to 70% of the Area Median Income (AMI) and 12 will sell to homebuyers earning up to 80% of AMI. The remaining 53 condos will be sold at market rates. Construction is expected to be completed in June.   

“We are incredibly proud of the collaborative effort between Broadway Capital, MassHousing and the City of Revere in bringing the North Strand Condominiums project to fruition,” said Broadway Capital managing director Mikael Vienneau.  

Register today for Connect Phoenix Multifamily & Single-Family Build-to-Rent, scheduled for April 18 at the Westin Kierland Resort & Spa, Scottsdale, AZ.

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