MassHousing Closes on $50.6 Million in Financing for the Acquisition and Preservation of Affordable Housing

MassHousing announced today that it has closed $50.6 million in financing for the acquisition and preservation of four affordable housing developments in Boston, Beverly, Maynard and Medfield.

 

Beacon Communities LLC of Boston used the MassHousing financing to help purchase the four affordable apartment communities from their former owner, Equity Residential.

 

The 351 apartments involved in the transaction will remain affordable for at least 40 years under the terms of the financing and the four developments will receive varying amounts of capital improvements.

 

"These loans will help keep 351 apartments for working families and seniors affordable for at least the next 40 years," said MassHousing Executive Director Thomas R. Gleason. "We worked hard with Beacon Communities under a tight deadline to complete these loan closings and make sure this quality housing remained affordable for the long term."

 

The properties purchased and preserved by Beacon Communities with the MassHousing loans are:

                         

Conway Court in Boston: $3.3 million in short-term acquisition financing and long-term construction and permanent financing for 28 units of affordable family housing.

 

                       

Jaclen Tower in Beverly: $11.7 million in short-term acquisition financing and long-term construction and permanent financing for 100 units of affordable elderly housing.

                         

Summer Hill Glen in Maynard: $17.8 million in short-term acquisition financing and long-term construction and permanent financing for 120 units of affordable elderly housing.

 

                       

Wilkins Glen in Medfield: $17.7 million in short-term acquisition financing and long-term construction and permanent financing for 103 units of affordable family housing.

 

"Beacon's acquisition and renovation of these properties will enable us to continue to provide high-quality affordable housing in these communities," said Mark Epker, President of Beacon Communities Investments LLC. "MassHousing's responsiveness and dedication to get these transactions done demonstrates the Agency's continued commitment to preserving affordable housing in the Commonwealth."