Boston & New England CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
MassHousing Finances $31M for Reno, Affordability Extension of Charlestown Senior Complex
MassHousing has closed on $31 million in affordable housing financing to CSI Support & Development Services for the refinancing, renovation and extension of affordability of the City Square Elderly Housing complex located in Charlestown, MA.
City Square Elderly Housing was refinanced through MassHousing’s Multifamily Accelerated Processing/Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corporation, a privately-owned commercial mortgage banking firm.
As part of the transaction, CSI Support & Development has executed a new 20-year HUD Section 8 Housing Assistance Payment contract for 119 of the 120 apartments at City Square, which will include four years remaining on the previous contract, for an overall extension of affordability of 24 years.
The 120-unit property, also known as Charlestown Co-op, serves senior citizens and residents with disabilities, and as part of the transaction, residents will see affordability protections extended for at least 24 years.
The facility was constructed around 1900 and rehabilitated by CSI Support & Development Services in 1985. The 120 units are contained in a single brick building with four-, five- and six-story wings.
- ◦Financing
