Neptune Towers consists of two 12-story apartment buildings constructed in the 1970s. This 100% project-based Section 8 property is located in the downtown of a former industrial center that is in the midst of redevelopment.
CDT purchased Neptune Towers in 2002 with an $11.2 million first mortgage from the Massachusetts Housing Finance Agency and a $3.0 million equity investment. As part of the acquisition, rents were restructured under HUD’s Mark-Up-to-Market program. This purchase preserved the affordability of all 334 units through 2022.