Boston Senior Community Lands $13M Refi
MassHousing provided the loan that covers renovation and extension of affordability for 83 units.
Roslindale Senior Housing Corp., an affialiate of Rogerson Communities, has received $13.2 million in refinancing for Roslindale House, an 84-unit senior community in Boston. MassHousing provided the financing, which will cover renovation and extension of affordability for at least 26 years for low-income elders and people with disabilities.
MassHousing’s Multifamily Accelerated Processing/Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corp. provided the 35-year permanent loan. A total of 83 apartments will have the federal Section 8 Housing Assistance Payment contract extended for another 20 years, when the current contract expires in six years. The remaining unit will be occupied by on-call maintenance staff.
The property is a three- and four-story former high school originally built in the early 1920s, which was converted into affordable supportive senior housing in 1986, under the federal Section 202 Program. The owner plans to install new windows, upgrade the elevator controller and cab interiors, and implement masonry and granite stair repairs.
Managed by Rogerson Communities, the asset offers 36 studios, 47 one-bedroom units and one two-bedroom unit. The community features a community room, laundry area, adult day health program, dementia day program, fitness center, Florence House coops and Rogerson’s administrative headquarters.
Located at 120 Poplar St., the community is some 8 miles southwest of downtown Boston and less than half a mile southeast of Roslindale Village. Several dining and retail options are also available within half a mile of the property.
Recently, MassHousing provided a $27 million loan for another affordable housing project in Massachusetts—the 87-unit 608 Broadway in Lawrence, Mass.