Cambridge Housing Authority Lands $45M Loan for Boston Senior Community
MassHousing provided the funds that will preserve the 198-unit property's affordability for at least 20 more years.
Image via Pixabay.com
An affiliate of the Cambridge Housing Authority has received a total of $44.9 million in affordable housing financing for the modernization and preservation of the Daniel F. Burns Apartments, a 198-unit community in Cambridge, Mass. The Section 8 property caters to low-income senior citizens and residents with disabilities.
MassHousing provided a $43.7 million tax-exempt permanent loan and a $1.2 million tax credit equity bridge loan, generating $36.8 million in federal Low-Income Housing Tax Credit equity. As part of the transaction, the apartments will remain affordable for at least 20 more years. Other financing sources include a $59.6 million construction loan from Wells Fargo and $11 million in financing from the Cambridge Housing Authority. Wells Fargo was also the tax-credit syndicator in the transaction.
In March, MassHousing provided Pennant Housing Group with a $9.9 million acquisition and construction loan for an affordable, 89-unit senior community in Weymouth, Mass. The transaction also maintains the property’s affordability for at least 15 more years.
Property modernization
Located at 30-50 Churchill Ave., Burns Apartments consists of a four-story building and a six-story building completed in 1973. The unit mix encompasses studio, mini one- and one-bedroom floorplans, as well as a two-bedroom apartment.
CHA will use the MassHousing funds for extensive renovations at the property, including the installation of sustainable building systems. Designed to meet Energy Star and Enterprise Green Communities standards for existing buildings, the renovation project has Bargmann Hendrie + Archetype Inc. as architect and Consigli Construction Co. Inc. as general contractor.
Planned modernization works include upgrades to the building’s envelope, plumbing, heating and cooling systems, as well as interior unit repairs. Common areas are also slated for renovation. The project will also transform 121 studio units into one-bedroom apartments and create eight ADA-compliant units.
The property is some 6 miles northwest of downtown Boston and 3 miles from Cambridge city center, near Clarendon Avenue Park. The surrounding area holds various shopping and dining options. Mount Auburn Hospital is less than 4 miles south.
