M&T Realty Capital Corporation (M&T RCC) is proud to announce the financing for 247 Hancock, a 47-unit mixed-income multifamily development located in the Dorchester neighborhood of Boston, Massachusetts. The project is being developed by Arx Urban and Boston Communities with immense local and state support from The City of Boston and the Executive Office of Housing and Livable Communities. The development will deliver 35 affordable housing units, including 15 affordable units supported by project-based vouchers.

The financing was originated by Matt Newton, Managing Director of M&T RCC’s Boston office. “This transaction is a great example of how M&T leverages its platform to support high-impact affordable housing throughout the capital stack,” said Newton. “We’re proud to partner with Arx Urban and Boston Communities to bring this much-needed affordable housing to Dorchester.”

The financing package includes a $6.34 million Freddie Mac unfunded forward commitment under the 9% Low-Income Housing Tax Credit (LIHTC) program, a $19.17 million construction loan provided by Dan Feyock of M&T Bank, and a $19.29 million tax credit equity investment from Bob Nichols of M&T Bank, which includes both state LIHTC equity and federal energy credits.

"247 Hancock reflects Arx Urban’s deep commitment to delivering high-quality, transit-oriented housing that serves a broad range of incomes,” said Benjie Moll, Principal of Arx Urban. “We’re thankful to M&T for their partnership and whole-capital stack solution, helping to make this project a reality.”

The 247 Hancock development will feature a six-story building with a mix of studio, one-, two-, and three-bedroom units. Amenities will include a fitness studio, tenant lounge, rooftop deck, green space, and on-site parking. The project is expected to complete construction in early 2027, with permanent loan conversion anticipated later that year.