Rivermark

808 Memorial Drive apartments

Rivermark, located at 808-812 Memorial Drive is a 300-unit apartment complex overlooking the Charles River. Homeowners Rehab, Inc. (HRI) used Cambridge Affordable Housing Trust funds to preserve affordability of housing that could have been converted to market-rate housing.

Constructed in 1972, the property owners received a low-interest, 40-year mortgage in exchange for a commitment to keep rents affordable. Under the terms of the financing, owners could prepay the low interest mortgages after 20 years and terminate the rent restrictions on the affordable units. In the early 1990s, the property owners announced their intention to prepay the mortgage, potentially forcing the low and moderate-income tenants from their homes due to higher rents. Over a period of seven years, residents worked together with HRI and the Trust to acquire and renovate the property. HRI completed renovations in 1998 and this former “expiring use” property is now permanently affordable. 

The property underwent a substantial rehabilitation from 2020 to 2023 to replace outdated systems, add insulation, and renovate units as well as common spaces. 

For more information, please visit HRI’s project page here. 

Renovations were completed in 2023. No further updates will be made to this project page.

The renovated property includes: 

  • 300 affordable rental units, including 128 one-bedroom, 138 two-bedrooms, 30 three-bedrooms, and 4 four-bedrooms; all of which are affordable in perpetuity 

  • 260 vehicle parking spaces 

  • Approximately 20,000 in commercial space 

  • Rooftop terrace 

  • Community room

  • Resident lounge and study rooms 

  • Landscaped courtyard 

Rivermark is owned and operated by Homeowner's Rehab, Inc. (HRI). If you are interested in applying for housing at Rivermark, please contact Wingate Management at (617) 491-5466 or cchi@wingatecompanies.com. 

If you are interested in other affordable rental or homeownership opportunities, please click here to learn about other City programs.