MassDevelopment has invested $26.13 million in housing and health center projects in downtown Brockton.
The agency issued a $9.7 million tax-exempt bond and provided a $7 million New Markets Tax Credit allocation to Trinity Financial’s Enterprise Block redevelopment. MassDevelopment also issued a $9.4 million tax-exempt bond on behalf of the Brockton Neighborhood Health Center. Boston Private Bank purchased the Trinity bond, and RBS Citizens purchased the Brockton Neighborhood Health Center bond.
Trinity Financial, a Boston-based developer that is the project sponsor, will use bond proceeds to build a 42-unit artist live/work apartment building on the site of the former Gardner Building at 62 Centre St. The New Markets Tax Credit allocation will finance Trinity’s rehabilitation of the 51,000-square-foot Brockton Enterprise building into a commercial building with retail space on the first floor. The residential component of the revitalization effort includes 113 total units, an artist’s gallery, on-site property management and an underground parking garage.
Brockton Neighborhood Health Center will use bond proceeds to refinance previous debt, securing a lower interest rate for the center and freeing financial resources for its healthcare services in low-income areas.