$40M Financing Extends Affordability of Boston Community
- Aug 08, 2016
Boston—Braintree Village Apartments, a 324-unit community in the Boston area, will see an affordability extension and major renovations, thanks to a $40.5 million Massachusetts Housing Finance Agency loan.
The refinancing was accessed by Braintree Village LP through the Federal Financing Bank. As part of the process, 98 apartments—or 30 percent of the total number of units—will remain affordable for lower-income residents.
According to Yardi Matrix, Braintree Village had a 99.7 percent occupancy rate as of June 2016 and benefited from another MassHousing loan—of $23.9 million—in 2000, when it also underwent extensive renovations. The community is ready for revamping once more, with the ownership planning to invest approximately $10 million in current and future upgrades. Planned upgrades include accessibility improvements, window replacement, and road and parking lot resurfacing.
The property, which was built in 1972 through MassHousing financing, is located at 2 McCusker Drive in Braintree, Mass., and encompasses 120 one-, 159 two- and 45 three-bedroom apartments. The community is managed by Peabody Properties, with units ranging between 990 and 1,370 square feet and apartments spread over 27 three-story buildings.
Current amenities at the pet-friendly Braintree Village include a fitness center, a children’s play area, a basketball court, an outdoor pool, on-site management, a tennis court, a clubhouse and laundry facilities.
“We appreciate the opportunity to work with MassHousing on this particular refinancing, which allowed us to reduce our interest rate by half and commit funds to the upkeep of the property, not only today but in the ensuing years,’’ said Guy Corricelli, on behalf of the ownership group, in prepared remarks.
Image courtesy of Yardi Matrix