MassHousing Provides Refi in Boston
The affordable senior property also houses residents with disabilities.
Affordable Housing and Services Collaborative Inc. has received $12.9 million for the preservation of affordability and refinancing of Bixby Brockton Apartments, a 106-unit fully affordable and age-restricted community in Brockton, Mass.
MassHousing provided the 35-year permanent loan through the Multifamily Accelerated Processing/Ginnie Mae Joint Venture program, with Rockport Mortgage Corp. as lending partner.
AHSC will use approximately $800,000 for improvements such as the addition of two heating systems, a new fence, the replacement of elevators, the extension of a laundry room, security cameras upgrades and unit repairs.
Bixby Brockton serves individuals with disabilities and seniors over the age of 62. Completed in two phases in 1975 and 1983, Bixby Brockton encompasses two buildings with one- and two-bedroom floorplans ranging between 660 and 990 square feet. Common-area amenities include two laundry facilities, resident gathering spaces and 24-hour emergency maintenance. The property also features 6,050 square feet of retail space on the ground floor.
A total of 104 units are subsidized by two federal Section 8 Housing Assistance Payment contracts. The owner executed two new 20-year HAP contracts as part of the transaction. As a result, 17 years will remain on the contract for 44 units and 13 years for 60 units. The affordability for the two buildings will be extended for 37 years and 33 years.
The community is located at 103 and 106 Main St. in downtown Brockton. Bixby Brockton is within walking distance of several bus and train stations, as well as dining options and retail centers.
Preserving affordability across Massachusetts
MassHousing has provided $104.5 million in financing for 16 communities totaling 2,498 housing units in Brockton. Through the same Multifamily Accelerated Processing/Ginnie Mae joint venture initiative and with Rockport Mortgage Corp. as lending partner, MassHousing closed on a $12.4 million loan for the refinancing and preservation of a 99-unit age-restricted and fully affordable community in Lynn, Mass.
Last month, the owner secured $13.9 million in refinancing for a 138-unit affordable community in Lowell, Mass.