MassHousing Provides $14M Refi for Boston Affordable Housing
The ownership plans to invest $9.7 million in renovations.
Riverside Towers. Image courtesy of Jonathan Rose Cos. and Schochet Cos.
Jonathan Rose Cos. and Schochet Cos. have received $13.5 million in financing from MassHousing for the renovation and preservation of affordability of Riverside Towers, a 199-unit affordable housing community in Medford, Ma. The company also provided $13.5 million in supplemental affordable housing financing.
According to Yardi Matrix data, Rose and Schochet acquired the age-restricted property in 2007 from WinnResidential for $30 million.
In 2016, Riverside Towers was refinanced through $50.8 million in financing received from MassHousing. Jonathan Rose and Schochet executed a 20-year HUD Section 8 Housing Assistance Payment contract for the property, resulting in an extension of affordability of 33 years.
Modernization and Wellness
The ownership plans to invest approximately $9.7 million in renovations and enhancement of resident services. Some of the upgrades and modernizations will include the common areas, the HVAC system, kitchens and bathrooms, the elevator and the electrical system. NEI General Contracting has been retained as the general contractor and DMS Design is the architect.
Rose and Schochet will collaborate with Hebrew Senior Life to enhance the resident services program. The main focus will be on improving the wellness and health of the residents. A medical suite will be added and a Wellness Nurse, Wellness Coordinator and a Fitness Instructor will support the effort.
Completed in 1979, the community encompasses a 14-story building with one- and two-bedroom apartments ranging between 650 and 790 square feet. Common-area amenities include a library, a media room, a sundeck and laundry facilities. The community also features controlled access, on-site maintenance and wheelchair access.
Riverside Towers is located at 99 Riverside Ave., in the Malden submarket. The community is close to Interstate 93, which provides direct access to downtown Boston. There are several dining options, retail centers and entertainment venues in the area. Lawrence Memorial Hospital of Medford is within 1.1 miles from the property.
MassHousing has provided a total of $246.4 million in financing for seven rental communities in Medford. The company also recently provided $40.8 million for a 180-unit affordable and workforce housing community in Lawrence, Mass.
