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MassHousing Provides $10M Refinancing for Senior Housing Community in Reading

MassHousing has provided a $10.2 million loan to refinance Peter Sanborn Place, a 74-unit senior housing community in Reading.

Located at 50 Bay State Rd., the 74 apartments are contained in a three-story building built in 1980. The property contains 71 one-bedroom apartments and three studio units. Peabody Properties manages the community.

Masshousing provided the affordable housing financing to property owners, the non-profit Affordable Housing and Services Collaborative (AHSC) and First Church in Malden Homes. The owners refinanced Peter Sanborn Place through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with partner lender Rockport Mortgage Corporation. As a condition of the MassHousing financing, the owners extended a federal Section 8 Housing Assistance Payment Contract on 73 apartments at Peter Sanborn Place 20 years beyond the current contract maturity of 2023, extending affordability through 2043.

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

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