MassHousing has closed on an $18 million, 35-year permanent loan to CSI Support & Development Services for the preservation and renovation of Admiral’s Tower Co-op, a 100-unit affordable community located in Chelsea, MA.

As part of the transaction, affordability protections for senior citizens and residents with disabilities living at the 100-unit property will be extended for at least 25 years. 

“Our goal is to provide the best quality housing possible at the lowest feasible cost to our resident members, while enriching the quality of life for all who reside here now and for years to come,” said CSI Support & Development Services CEO Anne Sackrison. Approximately $4 million in property improvements are planned.

CSI Support & Development has executed a new 20-year HUD Section 8 Housing Assistance Payment contract for 99 of the 100 apartments at Admiral’s Tower. The new contract will include five years remaining on the previous contract, for an overall extension of affordability of 25 years.

Admiral’s Tower was refinanced through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corporation, a privately owned commercial mortgage banking firm. The combination of FHA insurance and a Ginnie Mae guarantee enables borrowers to access taxable mortgage financing with lower interest rates, while preserving and extending affordability for hundreds of low-income individuals, senior citizens, and families.