NU Online News Service, Dec. 12, 11:43 a.m. – MetLife Inc., New York, and National Equity Fund Inc., Chicago, are part of a consortium of public and private partners that has launched an assisted-living facility providing housing and support services for elderly residents of Cambridge, Mass.
The project was funded in part by low-income housing and historic tax credits syndicated by National Equity Fund Inc., a nonprofit tax credit syndicator.
NEF Inc. provided $6.3 million in equity through two of its tax credit funds: MLI Investment Fund, which is capitalized with equity from MetLife, and NEF 2000, a multi-investor fund that includes equity from Freddie Mac, J.P. Morgan Chase, World Book, Wells Fargo, Fifth-Third Bank, Charter One Bank and Beneficial Mutual Savings. As the lead equity investor, MetLife earmarked $3 million for the project, NEF says.
Neville Place is a development of Neville Community Partners, a group of housing and health care groups assembled by the Cambridge Housing Authority and Affirmative Investments Inc., Boston.
The renovation restored many of the original features of the 1928 building, which was first opened as the Cambridge Home for the Aged, NEF says.
Thirty-nine of the 72 units are reserved for low- and very low-income residents.