New workforce housing steps from the Commuter Rail
The new 67-unit Holmes Beverly is located on a once vacant piece of land adjacent to a commuter rail station
Holmes Beverly may be the first apartment community named for a Supreme Court Justice (Oliver Wendell Holmes Jr., who had a summer house in Beverly). It is for sure the first property developed by Barnat Development, LLC, a new firm started by Sarah Barnat.
The newly-built 67-unit development stands on a once vacant parcel of land on Rantoul Street adjacent to a commuter rail station and an MBTA garage. Sixteen apartments are for moderate income residents; 14 for people with incomes at or below 80% of area median and two for residents with incomes at or below 100% of AMI.
MassHousing provided $1.6 million in financing from its Workforce Housing Initiative and a $600,000 subordinate loan. Other funders are Boston Private Bank and the Massachusetts Housing Investment Corporation's Healthy Neighborhoods Equity Fund.