MassHousing’s $66M Financing Strategy
- Jan 28, 2015
Boston—The Quincy Point Apartments in Quincy, Mass., will be the beneficiary of significant property improvements as a result of MassHousing financing totaling $66 million. The financing also makes possible the extension of affordability for Quincy Point senior citizen residents for at least 30 years.
The Quincy Point Apartments are situated at 1000 Southern Artery in Quincy. The property consists of three eight-story buildings built between 1965 and 1972, connected by enclosed pedestrian corridors. The community’s 640 apartments are divided into 497 studio apartments and 143 one-bedroom residences.
Given that the buildings are 43 to 50 years old, “they are beginning to reach the end of their original useful life,” MassHousing executive director Thomas R. Gleason told MHN. “The property had certain financing in place that was set to mature in April, and as such this was a good time for the owners to look for refinancing opportunities, which would enable the property to undergo an extensive renovation.
“The original owner, Quincy Point Congressional Church Homes, Inc., was able to find a partner in The National Foundation for Affordable Housing Solutions, Inc., a 501(c)(3) nonprofit organization that works with development partners in 13 states to provide for the acquisition, rehabilitation, development, ownership and operation of affordable housing for low and moderate income persons.”
This presented an excellent opportunity to preserve a large affordable housing development in a community in close proximity to Boston, and in a region with comparatively high rents, according to Gleason. “The original developers are still involved, and this is a terrific example of a very mission-oriented owner wanting to do the right thing and protect their residents,” he reported.
Two of the original buildings comprising Quincy Point were initially financed with donations from local families and businesses, Gleason said.
That is an indicator of the deep roots the facility enjoys within the community. The manager of the property, Quincy Point Congregational Church Homes Inc. has exclusively managed the property since its original construction in 1965. The renovation and continuation of affordability will allow Quincy Point Apartments to continue providing safe, decent, affordable housing opportunities to low-income elderly persons in the surrounding community, and continue to offer residents such amenities as a 400-seat auditorium, onsite beauty salon, grocery store, commercial bank, library and various recreational activities.
“Through this new recapitalization the owners committed to providing greater affordability than what was otherwise required,” Gleason said. “As the original non-profit owner-operator of the Quincy Point Apartments, long-term preservation of this property and a commitment to affordability have always been our principal objectives,” added Brian Baharian, executive director of Quincy Point Congressional Homes, Inc. “We are grateful for the opportunity to work with MassHousing to achieve our shared goals.”