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MassHousing Provides $33M in Affordable Housing Financing for Stoneham MF Property

MassHousing has provided $32.7 million in affordable housing financing to an affiliate of Atlantic Tambone Management to preserve and extend the affordability for lower-income senior citizens and families for at least 31 years at the 194-unit Mountain View Terrace in Stoneham.

Developed in 1981 at 27 Mountain View Drive, Mountain View Terrace was refinanced by MassHousing in 2010, at which time the property was substantially renovated. The 194 units are contained in three, five-story apartment buildings and four, two-story townhouse buildings. All of the apartments are subsidized by a federal Section 8 Housing Assistance Payment contract, which has been extended by 20 years.

“We are pleased that the affordability for the lower-income seniors and families at Mountain View Terrace will be preserved for the long term,” said Chrystal Kornegay, executive director at MassHousing. “Our partnership with Atlantic Tambone Management and Rockport Mortgage will ensure that the residents can continue to live in Stoneham and for many of the senior citizens there, likely remain in the community where they have lived for many years.”

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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.

  • ◦Financing