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.
MassHousing Provides $27M in Affordable Housing Financing for Randolph Senior Housing Property
MassHousing has provided $27.3 million in affordable housing financing to an affiliate of Hebrew SeniorLife to renovate and extend the affordability for lower-income senior citizens at the 160-unit Simon C. Fireman Community in Randolph.
Developed in 1985 as part of HUD’s Section 202 program, the 160 apartments at the Fireman Community are contained in a single, three-story building at 640 North Main St., in Randolph. There are 40 studio apartments, 119 one-bedroom apartments and one two-bedroom apartment.
Hebrew SeniorLife refinanced the property through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corp.
“We are thrilled to extend our partnership with MassHousing and Rockport Mortgage Corporation to refinance our Simon C. Fireman Community,” said Lou Woolf, president and CEO at Hebrew SeniorLife. “Proceeds from the refinance will allow us to significantly update the physical condition of the property, while continuing to offer residents a robust resident services package.”
For comments, questions or concerns, please contact David Cohen
