144 Market Street, Lynn MA - Ground Breaking Ceremony
Rendering_144 Market Street, Lynn MA
Ground Breaking Ceremony_144 Market Street, Lynn MA 5.7.26
Boston Real Estate Collaborative Breaks Ground on Lynn's First 100% Affordable Homeownership Development
Historic 35-Unit Condominium Project at 144 Market Street Marks a New Chapter for Affordable Ownership in Lynn
The City of Lynn will celebrate a major milestone on Thursday, May 7 at 11:00 AM with the groundbreaking for the 144 Market Street Condominiums, the first ground-up, 100% affordable homeownership project in the city’s history – a milestone that reflects years of commitment to expanding equitable pathways to ownership for Lynn residents. This project advances the City’s broader efforts to increase affordable homeownership and strengthen neighborhoods through collaborative development.
This project is the direct result of the State of Massachusetts’ commitment to and investment in housing production through programs like MassHousing’s Commonwealth Builder. BREC appreciates the strong support from elected state and local representatives, whose time and energy helped this project go from concept to reality. In addition, the City of Lynn has created zoning policies that provide tailwinds for housing development, even in difficult market conditions like we are in today.
The project received $8.9 million in Commonwealth Builder (CWB) funds from MassHousing and $150,000 in HOME funds from LHAND. Through the Commonwealth Builder Program, MassHousing is expanding home ownership opportunities for individuals and households earning between 80 and 100% of the Area Median Income (AMI) and creating pathways to build equity through homeownership. CWB provides market-based subsidies that help finance the construction of new, moderately priced single-family homes and condominium units in Massachusetts. In addition to the CWB funding, the project includes construction financing from Eastern Bank.
The project will deliver 35 new affordable condominium units — including 30 one-bedroom and 5 two-bedroom condominiums available to qualifying first-time home buyers. The project also includes 1,200 square feet of ground-floor commercial space that will be offered for sale. Residents will enjoy modern amenities such as an on-site gym, dedicated bike storage, resident lounge, a roof deck with views overlooking the harbor and a pet grooming room. The building is designed under passive house principles and residents will benefit from efficient heating and cooling systems, indoor fresh air and a super-insulated building envelope, among other qualities.
Brent Berc, one of BREC’s founding partners, shared: “It has been a pleasure to have partners in the City of Lynn and MassHousing that are willing to roll up their sleeves at the program and project level to help get shovels in the ground on housing projects. Supply is the best way to combat the price and shortage of housing and unique programs like Commonwealth Builder are helping to make that possible with the support of local communities like Lynn.
“MassHousing is excited for the future homeowners at 144 Market Street who will have brand new, affordable homes in downtown Lynn with close access to multiple transit options and many city amenities,” said MassHousing CEO Chrystal Kornegay. “These homebuyers will be able to put down roots in the city and enjoy all the benefits of owning their own homes.”
“We are excited for the creation of affordable homeownership units in our downtown and city. The City of Lynn has worked diligently to develop new housing, especially projects that create homeownership opportunities that are below-market rate levels for our residents. We look forward to seeing this project get underway,” said Mayor Jared Nicholson.
Scheduled for completion in Fall 2027, the 144 Market Street Condominiums are being developed by Boston Real Estate Collaborative (BREC), with Haycon serving as general contractor and Monte French Design Studio (MFDS) as architect. Funding partners include MassHousing, Eastern Bank, and the Lynn Housing Authority & Neighborhood Development (LHAND).
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About Boston Real Estate Collaborative
Boston Real Estate Collaborative (BREC) (www.brec-llc.com) was founded in 2010 on the premise that a more collaborative process between owner, developer, architect and builder would result in smarter planning, more efficient designs, and superior buildings. BREC has developed over 35 projects within the Boston Metro area, including Boston’s first ground up Mass-Timber-Building, market rate, workforce, and affordable housing, and a number of historic preservation projects.