Mar 21 - $40M Construction Loan Financing Closed

March 21, 2024 – The financing for the Nubian Square campus is made possible through a creative and unique approach to building a capital stack that includes New Markets Tax Credits, public sector grants from the state and the City of Boston, loans from a consortium of community development lenders, loans from foundations, and private sector philanthropy. The construction lending is provided by a consortium of lenders led by the Property Casualty Initiative and including the following participants: Massachusetts Housing Investment Fund, The Life Initiative, Non Profit Finance Fund, Low Income Investment Fund, Cambridge Savings Bank, Eastern Bank. An additional loan from The Boston Foundation, Boston Children’s Hospital, and Massachusetts Housing Investment Corporation completed the debt structure.