The Monarch

Brighton, MA

The development entity led by EA Fish Companies, partnered with the Planning Office of Urban Affairs of the Archdiocese of Boston to develop an adaptive reuse, mixed-income, and mixed-use campus of continuing care, affordable housing and market rate housing on the grounds of the former St. John of God Hospital in Brighton, Massachusetts. The multiple uses of this 5.5-acre site include assisted living, a residence for people living with HIV/AIDS, independent living for retired priests, a skilled nursing facility, for-sale condominiums, surface and covered parking, and the creation of an approximately 19,000 square foot public green. The proposed St. John of God project was among the City of Boston's first affordable "Continuum of Care" campus projects.

The development team financed the deal by cobbling together, state and local soft debt, 4% tax credits and partnership equity. Among the project's biggest challenges were obtaining project financing, rezoning the project, creating the project ownership structure across a multitude of uses, and managing the project following stabilization. The vertically integrated structure of EA Fish Companies was the key to the project's success.

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