Preservation of Affordable Housing has secured a 35-year, $15.2 million permanent loan to refinance the affordable 104-unit Bridle Path Apartments in Randolph, Mass. The financing, provided by MassHousing and its lending partner, Rockport Mortgage Corp., will help extend affordability for the seniors living at the property for at least 32 more years.
POAH signed a new, 20-year federal Section 8 Housing Assistance Payment Contract for 103 out of the 104 units at the community. Additionally, this contract has been renewed for an additional 12 years, for an overall extension of affordability of 32 years. The remaining unit is rented at an unrestricted rate.
Affordable option for seniors south of Boston
The owner has plans to renovate and upgrade the three-building community, adding new asphalt roofing, gutters and downspouts, among others. Built in 1966, the property currently offers one- and two-bedroom floorplans, ranging from 583 to 719 square feet, and is managed by POAH Communities, according to Yardi Matrix data. A total of 140 parking spaces are available, the same data provider shows.
Located at 164 Bittersweet Lane, the community is some 17 miles south of downtown Boston and some 4 miles south of Interstate 93, providing easy access into the metro. Several retail, dining and entertainment options are available within a 1-mile radius.
This month, MassHousing provided another $206 million for the refinancing of 10 Massachusetts affordable communities. Seven out of the 10 are also senior housing and Rockport Mortgage Corp. was the lending partner for those as well.