MassHousing Provides $21M in Affordable Housing Financing for Springfield Apartments
MassHousing has closed on $21.2 million in affordable housing financing to The Michaels Organization for the refinancing and rehabilitation of the 201-unit Bergen Circle housing community in Springfield, MASS.
Michaels, which has taken over ownership and management of Bergen Circle, plans approximately $17 million in property renovations to the eight-building housing community in the McKnight neighborhood of Springfield. Located at 15 Girard Ave., in Springfield, 161 of the 201 apartments at Bergen Circle are contained in a seven-story, steel-framed building, and the remaining 40 apartments are contained in seven, two-story, wood-frame townhomes.
MassHousing is providing Michaels Development with a $13.3 million construction and permanent loan and a $7.9 million repair loan. The MassHousing financing will allow Michaels Development to undertake significant improvements to the property, including building envelope repairs and water infiltration remediation, the installation of new windows, flooring and appliances, kitchen, bathroom, and HVAC upgrades, and replacing sanitary and water risers on the midrise building.
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.