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RHF, Schochet Cos. Acquire 100-Unit Attleboro Apartment Community
Retirement Housing Foundation (RHF) and The Schochet Cos. have acquired Hillcrest Acres Apartments, a 100-unit apartment community in Attleboro. The seller was not disclosed.
The garden-style community was built in 1974 and is an expired Rent Supplement and Section 236 property. The property consists of ten residential buildings spread across nine acres. All affordability restrictions have expired on the property and the project was at risk of being acquired by a market rate buyer. RHF and The Schochet Cos. worked together to preserve the asset as affordable with the development team working with the property owner for more than a year to reach agreement on a transaction that would satisfy the seller, while also allowing for long-term preservation.
To facilitate preservation, the Community Economic Development Assistance Corporation (CEDAC) has provided a $8.4M acquisition loan allowing for a bridge to a low income housing tax credit transaction which, coupled with financing and funding from other public sources, will allow for a major rehabilitation of dwelling units and most major systems at the community.
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