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MassHousing Provides $25M in Affordable Housing Financing for Roxbury MF Property
MassHousing has provided $25.2 million in affordable housing financing for the preservation and rehabilitation of 82 affordable housing units in Roxbury.
The borrower, Vitus, will utilize the MassHousing financing to combine a pair of Roxbury affordable housing communities, the Fort Hill Gardens and Esperanza Trust properties, into a single development entity, make substantial capital improvements to the properties, and extend affordability protections for residents for at least 20 years.
The transaction will combine the 40-unit Fort Hill Gardens at 58 Cedar St. in Roxbury with the 42-unit Esperanza Trust, located at 80 Walnut Ave., in Roxbury. Vitus acquired both properties in February 2019. The MassHousing transaction recapitalizes the development and allows Vitus to make substantial capital improvements, including masonry repairs, roof replacement, exterior door and window replacement, new siding, improvements to apartments and community areas, and fire safety upgrades. The renovation project will also create five new accessible apartment units.
For comments, questions or concerns, please contact David Cohen
- ◦Financing
