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Boston & New England  + Metro Boston  + Senior Housing  | 
MassHousing has closed on $10 million to the Preservation of Affordable Housing organization to refinance the Chestnut Gardens Apartments in Lynn, MA and to extend affordability protections.

MassHousing Closes on $10M for Lynn Community for Senior, Disabled Residents

MassHousing has closed on $10 million in affordable housing financing to the Preservation of Affordable Housing organization to refinance the 65-unit Chestnut Gardens Apartments in Lynn and to extend affordability protections for lower-income senior citizens and residents with disabilities living at the property for at least 25 years.  

As part of the transaction, POAH executed a new 20-year federal Section 8 Housing Assistance Payment Contract for the 65 apartments at Chestnut Gardens. The contract will renew for an additional five years, which is the number of years remaining on the previous contract, for an overall extension of affordability of 25 years. 

Chestnut Gardens was originally constructed in 1895 and was substantially rehabilitated in 1982, with another renovation in 2008. The four-story building contains 55 one-bedroom and 10 two-bedroom apartments. 

MassHousing has financed 25 rental housing communities in Lynn involving 3,941 housing units with an original loan amount of $267.9 million. The Agency has also provided $430.5 million in financing to 2,941 Lynn homebuyers or homeowners. 

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About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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