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.

Sub Markets

Property Sectors

Topics

Boston & New England  + Boston  + Apartments  | 
MassHousing has closed on a $205-million package for the refinancing and preservation of affordability at 10 MA communities.

MassHousing Offers Providence Realty $205M to Preserve Affordability at 10 Communities

Boston-based MassHousing has closed on a $205-million package of affordable housing financing to Providence Realty Investment, LLC, for the refinancing and preservation of affordability at 10 MA communities. The financing package extends affordability protections on 931 total apartment homes for lower-income senior citizens and families.

 The 10 housing communities were refinanced through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corporation. 

Providence Realty Investment previously utilized $125 million from MassHousing to purchase the 10 affordable housing communities in 2011. At that time, nearly one-third of the 931 apartments involved were at risk of converting to market rents and being lost from the state’s inventory of affordable housing.

 All 10 of the properties were originally financed by MassHousing between 1979 and 1984. Additionally, most of the 931 apartments are subsidized by federal Section 8 Housing Assistance Payment contracts that remain in place or have been renewed and extended.

The properties and latest MassHousing financing include:

  • Cedar Glen in Reading, $29.3 million in financing involving 114 units of elderly housing. 
  • Glen Grove in Wellesley, $38.4 million in financing involving 125 units of elderly housing. 
  • Gosnold Grove in Falmouth, $4.4 million in financing involving 33 units of family housing. 
  • Nehoiden Glen in Needham, $16.5 million in financing involving 61 units of elderly housing. 
  • Chestnut Glen in Abington, $25.6 million in financing involving 130 units of elderly housing. 
  • Heritage Green in Sturbridge, $13.9 million in financing involving 130 units of elderly and family housing. 
  • Noonan Glen in Winchester, $4 million in financing involving 18 units of elderly housing. 
  • Norton Glen in Norton, $29.6 million in financing involving 150 units of family housing. 
  • Longfellow Glen in Sudbury, $32.2 million in financing involving 120 units of elderly and family housing. 
  • Old Mill Glen in Maynard, $10.7 million in financing involving 50 units of family housing. 

Photo: Norton Glen

Connect

Inside The Story

MassHousing

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.

  • ◦Financing
New call-to-action
AvatarFinancialGroup-02-cube
New call-to-action
RedOak-03-cube