Workforce Housing
Development Profiles
Holmes Beverly
March 18, 2019

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.

Transaction Facts

Developer: Barnat Development

Management Company: Princeton Properties

Total Loan Amount: $2.2 Million