Developments > Franklin Square House
This project has an interesting and colorful history. Built in 1865 as a luxury hotel with 400 rooms, it was known as “Boston’s Grand Hotel,” playing host to such notable guests as Teddy Roosevelt, Diamond Jim Brady, the Prince of Wales and President Ulysses S. Grant. The ornate building served as a hotel for 14 years before beginning a new life as the home of the New England Conservatory of Music, then in 1902 it took on its permanent mission as affordable housing when it was converted to a dormitory for young working women. The building also became famous when its exterior was used in the 1980s as the façade shot of the fictional St. Eligius Hospital in the television series “St. Elsewhere.”
Today, Franklin Square continues its proud tradition as affordable housing, providing 193 housing units for low-income seniors. This was made possible when the project sponsor acquired the expiring-use building and took on its preservation and rehabilitation. In its rehabilitation, great care was taken to preserve the grandeur of the building, which can be seen in its community spaces, bas-relief art on the walls, marble staircases and exterior architecture. In addition to rental apartments, the building includes management offices, two large community rooms with kitchens, and laundry facilities.
In addition to MHIC’s $14.3 million LIHTC financing, members Brookline Bank and Cambridge Savings Bank also invested $2.6 million each in what is the largest LIHTC investment done by MHIC.
Franklin Square House
Project at a Glance:
Location:
Boston
Development Type:
Rental,Senior Housing
Project Type:
Rehabilitation/preservation
MHIC Financing:
$20,437,006 in LIHTC financing
Sponsor:
Preservation of Affordable Housing
Number of Units:
193
This project has an interesting and colorful history. Built in 1865 as a luxury hotel with 400 rooms, it was known as “Boston’s Grand Hotel,” playing host to such notable guests as Teddy Roosevelt, Diamond Jim Brady, the Prince of Wales and President Ulysses S. Grant. The ornate building served as a hotel for 14 years before beginning a new life as the home of the New England Conservatory of Music, then in 1902 it took on its permanent mission as affordable housing when it was converted to a dormitory for young working women. The building also became famous when its exterior was used in the 1980s as the façade shot of the fictional St. Eligius Hospital in the television series “St. Elsewhere.”
Today, Franklin Square continues its proud tradition as affordable housing, providing 193 housing units for low-income seniors. This was made possible when the project sponsor acquired the expiring-use building and took on its preservation and rehabilitation. In its rehabilitation, great care was taken to preserve the grandeur of the building, which can be seen in its community spaces, bas-relief art on the walls, marble staircases and exterior architecture. In addition to rental apartments, the building includes management offices, two large community rooms with kitchens, and laundry facilities.
In addition to MHIC’s $14.3 million LIHTC financing, members Brookline Bank and Cambridge Savings Bank also invested $2.6 million each in what is the largest LIHTC investment done by MHIC.