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MassHousing Closes on $14M to Extend Affordability of Seniors’ Multifamily in Medford
MassHousing has provided $13.5 million in affordable housing financing to a joint venture consisting of Schochet Companies and Jonathan Rose Companies for the preservation of affordability at the 199-unit Riverside Towers for the elderly in Medford, MA.
Schochet Companies is a full-service real estate development and management company; Jonathan Rose Companies a developer and investor in sustainable, affordable and mixed-income multifamily real estate.
MassHousing provided the ownership team with $13.5 million in supplemental affordable housing financing. The property was last refinanced in 2016, with $50.8 million in MassHousing financing. The ownership team has executed a new 20-year HUD Section 8 Housing Assistance Payment contract for the 199 apartments at Riverside Towners, which, when combined with the 13 years remaining on the previous contract, creates an overall extension of affordability of 33 years.
The property owners plan approximately $9.7 million in renovations, additional community amenities, an enhanced resident services program and new medical suite.
The 1979-constructed Riverside Towers is comprised of 161 one-bedroom apartments and 38 two-bedroom apartments in a 14-story building.
- ◦Financing
