Nonprofit Lands Financing for Affordable Community
- May 06, 2020
Non-profit Community Teamwork Inc. has received $7.9 million in financing for Merrimack Valley Apartments, a 60-unit affordable community in Methuen, Mass., catering to seniors aged 62 and over and disabled residents.
CTI refinanced the property through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae joint venture initiative with lender partner Rockport Mortgage Corp. As a result, Merrimack Valley will remain affordable for at least 23 years. The 35-year permanent loan also retired an existing $3.3 million MassHousing mortgage, according to Yardi Matrix data.
Located at 20 Calumet Road, Merrimack Valley Apartments consists of six two-story buildings developed in 1983 under Section 8 HAP provisions. The community consists solely of 550-square-foot one-bedroom apartments, according to Yardi Matrix data. The property underwent renovation work, including accessibility and security improvements. Peabody Properties manages the community.
The community is situated 3 miles east of downtown Methuen, between Interstate 495 and Merrimack River.
In March, MassHousing and Greystone provided $9.9 million in financing for an 89-unit senior community in Weymouth, Mass. The deal also preserved the property’s affordability for at least 15 more years.