Landing 53, a Braintree transit-oriented real estate development (TOD) with 172 new apartments and 12,000 square feet of retail space held an official groundbreaking ceremony on September 30th at the site, which is already under construction. For this project, HNEF provided $5 million in equity gap financing.
HNEF chose to invest in Landing 53 because it met the screening criteria needed to qualify: It’s conveniently located close to public transportation and it will add workforce housing, create jobs, enhance the environment with new pedestrian walkways and other amenities, and has the potential to improve the health of the community and its residents.
Landing 53 has been in the works for three years and has been a major priority for the town, which spent $2 million to improve the area with underground utility lines and improved street lighting. The property has been underutilized, with old, semi-vacant buildings. The new development will revive the neighborhood and spur economic growth consistent with the town’s stated mission of promoting sustainable development.