Image courtesy of BPDA

A Boston-based developer bought an East Boston church property which is approved for a $50 million condominium project.

Gove Mount Carmel LLC, an affiliate of RISE Together, acquired the Jeffries Point property from Frankfort Gove LLC for $10 million in a transaction brokered by Boston Realty Advisors.

Salem, New Hampshire-based Bank of New England provided $7.8 million in acquisition financing, according to Suffolk County Registry of Deeds data.

In March 2019, the Boston Planning & Development Agency approved a multifamily project located on four parcels at Gove and Frankfort streets. The plans include demolition of the rectory and convent buildings at the former Our Lady of Mount Carmel Catholic Church and the construction of 14 condominiums, and construction of a five-story building containing 94 condos.

The project will include 14 income-restricted units for households earning 80 to 100 percent of the area median income, and selling for $182,100 to $281,600, according to BPDA documents.