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 Closes on $21M Refi, Affordability Extension for Medfield Community
MassHousing has closed on $21.4 million in 35-year permanent loan affordable housing financing to Beacon Communities, LLC, for the refinancing and extension of affordability at the 103-unit Wilkins Glen in Medfield, MA.
As part of the transaction, Beacon Communities will extend the current Section 8 Housing Assistance Payment contract on 82 affordable apartments at Wilkins Glen for 30 years, through 2052.
Wilkins Glen was refinanced through MassHousing’s Multifamily Accelerated Processing Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corporation. 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.
Located at 1100 Wilkins Glen Road, the housing community was constructed in 1975 and consists of seven two-story apartment buildings, three two-story townhouse buildings, a four-bedroom single-family house and a clubhouse/leasing office. Twenty-one units are unrestricted and available to lease at market rents.
Beacon purchased the property in 2012 and completed property improvements totaling $4.6 million.
- ◦Financing
