Boston & New England + Finance | December 17, 2020

MassHousing Provides $26M Refinancing for Affordable Housing Community in Westfield

MassHousing has provided $26.4 million in affordable housing financing to the non-profit Affordable Housing and Services Collaborative to refinance and rehabilitation of Powdermill Village, a 248-unit multifamily property in Westfield, MASS.

Built in the 1970s, the community was last renovated in 2000. AHSC has planned more than $28 million in improvements to substantially rehabilitate the 12 two- and three-story buildings at the property, including one building that was partially destroyed by a fire in 2018.

MassHousing provided a $14.5 million tax-exempt construction and permanent loan and an $11.9 million tax credit equity bridge loan to support the redevelopment of the community. The project is also receiving a total of $18.9 million in federal and state Low-Income Housing Tax Credit (LIHTC) equity financing. The LIHTC syndicator is Boston Financial Investment Management.

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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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