Affordable Senior Community Near Providence Lands $43M Refi
- Mar 11, 2020
Affordable Housing & Services Collaborative has received a $42.7 million loan to refinance Melville Towers, a 327-unit senior living community in New Bedford, Mass. Rockport Mortgage Corp. secured the FHA Section 223(f) financing for the fully affordable property. The facility caters to adults aged 62 and over, as well as disabled residents under age 62.
Located at 850 Pleasant St. in a Designated Opportunity Zone, Melville Towers has one- and two-bedroom floorplans in an 11-story building. Of the 327 units, 319 are affordable under a Section 8 HAP contract, while the HOME Investment Partnership Program finances another seven units. Amenities include a community room, library and hair salon. Organized social events feature shopping trips, seasonal parties, arts and crafts and karaoke. Peabody Properties manages the 1976-built community.
The 1.7-acre property is close to the city center near JFK Memorial Highway and Acushnet River. The location is easily accessible through public transport and there are various parks, shops and restaurants in the immediate area.
In August, Affordable Housing and Services Collaborative received a $10 million loan from Rockport Mortgage to refinance another one of their Massachusetts senior living properties. The 74-unit affordable community is also managed by Peabody Properties.