MassHousing has closed on $21.2 million in affordable housing financing to The Michaels Organization for the refinancing and rehabilitation of the 201-unit Bergen Circle housing community in Springfield, MASS.
Michaels, which has taken over ownership and management of Bergen Circle, plans approximately $17 million in property renovations to the eight-building housing community in the McKnight neighborhood of Springfield. Located at 15 Girard Ave., in Springfield, 161 of the 201 apartments at Bergen Circle are contained in a seven-story, steel-framed building, and the remaining 40 apartments are contained in seven, two-story, wood-frame townhomes.
MassHousing is providing Michaels Development with a $13.3 million construction and permanent loan and a $7.9 million repair loan. The MassHousing financing will allow Michaels Development to undertake significant improvements to the property, including building envelope repairs and water infiltration remediation, the installation of new windows, flooring and appliances, kitchen, bathroom, and HVAC upgrades, and replacing sanitary and water risers on the midrise building.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles.
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