MassDevelopment Sells 77 Grant Road, Provides $4M Loan to Elite Home Builders LLC Affiliate for 46-Unit Devens Multifamily Project

MassDevelopment has sold a parcel of land at 77 Grant Road in Devens, Mass., and provided a $4 million construction loan to 77 Grant Rd LLC, a real estate development entity affiliated with Elite Home Builders LLC, to build a three-story, 56,000-square-foot multifamily building featuring 46 mixed-income apartments. The announcement was made Aug. 13, 2026.

The building, named Emerson Green Residences, represents the next phase of the Emerson Green neighborhood in Devens — a master-planned residential community developed by NOW Communities that currently includes 35 single-family homes, 20 duplex units, and three townhomes, all of which are occupied.

Deal Structure and Capital Stack

Project financing is structured across multiple sources. Florence Bank is providing a $6.5 million loan covering acquisition and construction costs, while MassDevelopment is contributing a $4 million construction loan, bringing total known debt to $10.5 million. The Harvard Municipal Affordable Housing Trust is providing an additional $1 million contribution to deepen affordability for a subset of the income-restricted units.

Title to the 77 Grant Road parcel now sits with 77 Grant Rd LLC, which closed on the purchase ahead of the public announcement. No land sale price was disclosed.

"MassDevelopment is pleased to welcome the next phase of the Emerson Green neighborhood in Devens as Elite Home Builders advances construction on a new 46-unit apartment building," said Navjeet Bal, President and CEO of MassDevelopment. "We are proud to sell this property and provide complementary loan financing to Elite Home Builders, working across our agency and with community partners to bring this high-impact project to fruition."

"At Florence Bank, we believe strong relationships build strong communities," said Andrew Sullivan, Vice President of Commercial Loans at Florence Bank. "We're honored to partner with MassDevelopment and work alongside the development team at Elite Home Builders to assist in expanding housing opportunities and contribute to the continued growth of our community."

Unit Mix, Affordability, and Energy Standards

Emerson Green Residences will contain 46 apartments across 17 one-bedroom units, 25 two-bedroom units, and four three-bedroom units, housed in two attached structures sharing a common lobby. The building is designed to be all-electric and fully accessible.

Of the 46 total units, 23 — or 50 percent — will be permanently income-restricted. Twelve of those restricted units will be further subsidized through the Harvard Municipal Affordable Housing Trust's $1 million contribution, making them affordable to households earning up to 80% of Area Median Income, with rents and utilities capped at no more than 30% of household income. The remaining income-restricted units are designated as workforce affordable for households earning up to 100% of AMI.

The building is designed to achieve a HERS rating of 55 or better, indicating above-code energy efficiency. The project scope also includes parking, landscaping, grading, stormwater improvements, and new water, sewer, electric, gas, and telecommunications infrastructure. Roadway work will complete a section of Marshall Street between Grant Road and Marshall Lane and finish the sidewalk along Grant Road.

"We're grateful for the opportunity to work with MassDevelopment and NOW Communities to bring the Emerson Green Residences to life," said Cohen Babcock, Vice President of Development at Elite Home Builders LLC. "This 46-unit multifamily building will create much-needed workforce housing for Devens and the surrounding communities. As the builder, owner, and operator of Emerson Green Residences, our goal is to provide Devens with a vibrant lifestyle rental community featuring Class A amenities, while being a good neighbor and an active, engaged member of the community."

Devens Housing Policy Context

The Emerson Green Residences project is among the first to advance under expanded housing authority for Devens established by the Mass Leads Act, signed by Governor Maura Healey in November 2024. That legislation removed a prior cap that had limited Devens to a maximum of 282 housing units, enabling MassDevelopment to market additional residentially zoned parcels for development.

In December 2025, MassDevelopment issued Requests for Proposals for the disposition and development of multiple residentially zoned sites in Devens totaling approximately 69.3 acres. In February 2026, MassDevelopment announced the sale of approximately two acres at 25 Adams Circle in Devens to Reframe Systems Inc., which is developing 12 for-purchase townhomes in six duplexes on that site.

The Mass Leads Act also established the Devens Housing Working Group, which released a final report in May 2025 recommending amendments to local zoning bylaws to allow housing in the Innovation and Technology Center zoning district.

Located in north central Massachusetts, Devens is a 4,400-acre mixed-use community developed on the former site of Fort Devens, the U.S. Army's New England headquarters for 79 years before its closure in 1996. MassDevelopment has managed the site's redevelopment since then, providing municipal services, education, environmental protection, and infrastructure improvements.

Timeline and Community Response

MassDevelopment expects construction of Emerson Green Residences to begin within weeks of the Aug. 13 announcement, with completion targeted for 2027.

"Harvard's Municipal Affordable Housing Trust's strong commitment to securing affordable housing units at Emerson Green represents a significant investment in Harvard's future," said Harvard Town Administrator Dawn Dunbar. "Not only will these homes help ensure that residents of varying incomes have the opportunity to live, work, and remain in our community, but also works to advance the Town's commitment to expanding affordable housing opportunities."

"The Devens Enterprise Commission is glad to see NOW Communities partnering with Elite Home Builders, LLC to advance this critical phase of the 130-unit Grant Road subdivision," said William Marshall, Chairman of the Devens Enterprise Commission. "The 46-unit rental apartment complex that was permitted under our Innovative Residential Development Regulations will offer a range of even more affordable and energy-efficient housing options in Devens that will help tackle the state's affordable housing crisis and further the sustainable redevelopment goals of the Devens Reuse Plan."

State Senator Jamie Eldridge, who represents most of Devens, cited the project as consistent with efforts to expand multifamily and affordable housing options for workers in the Nashoba Valley. State Senator John J. Cronin and Representative Danillo Sena also expressed support for the project in statements accompanying the announcement.

Sources

MassDevelopment — MassDevelopment Advances Multifamily Housing in Devens, Next Phase of Emerson Green Neighborhood (Aug. 13, 2026)