Boston Affordable Community Receives $31M Loan
MassHousing secured the financing on behalf of CSI Support & Development Services.
City Square Elderly Housing. Image courtesy of MassHousing
CSI Support & Development Services has obtained a $31 million loan for City Square Elderly Housing, a 120-unit affordable community in Charlestown, Mass.
MassHousing arranged the financing, securing a 35-year permanent loan for the renovation, refinancing and affordability preservation of the community.
A new 20-year HUD Section 8 Housing Assistance Payment contract will be carried out by CSI Support & Development, for an overall affordability extension of 24 years.
MassHousing provided the refinance loan through the company’s Multifamily Accelerated Processing/Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corp.
The MAP/Ginnie Mae loan programs are provided through the U.S. Department of Housing and Urban Development, which offers Federal Housing Administration (FHA) insurance approvals through the Multifamily Accelerated Processing program.
The borrowers can access taxable mortgage financing with lower interest rates, as a result of the Ginnie Mae guarantee and FHA insurance sequence. In August, MassHousing provided $40.8 million in financing for another affordable community in Boston.
Improvements worth $4.9 million
The company is planning to invest $4.9 million in renovations and improvements, including new unit heating and cooling systems, bathroom and kitchen upgrades, brick repointing, as well as the addition of a fitness center, a resident service coordinator’s office and an accessibility entrance ramp.
Built around 1900, City Square Elderly Housing was rehabilitated by CSI in 1985. The property encompasses 31 studio apartments and 89 one-bedroom units. Also known as Charlestown Co-op, the affordable community serves senior residents aged 62+ and residents with disabilities. A few units are designed for mobility impaired individuals over the age of 18.
Common-area amenities include a laundry room, spacious lounges, parking and a community room. The pet-friendly property also features a secured entry, an on-site maintenance team and personal 24/7 emergency call system.
City Square is located at 42 Park St., near the conjunction of Interstate 93 and Route 1, providing easy access to downtown Boston through two MBTA bus lines. There are multiple dining options, entertainment venues and green areas in the property’s proximity.
