Nonprofit Receives $27M for Affordable Senior Community
- Aug 24, 2020
Hebrew SeniorLife has received $27.3 million in financing for Simon C. Fireman Community, a 160-unit affordable senior property in Randolph, Mass.
MassHousing provided the 35-year, permanent loan through its Multifamily Accelerated Processing/Ginnie Mae joint venture with Rockport Mortgage Corp. The owner will use the proceeds for property upgrades that will include $6 million in renovation works. Additionally, the community’s Section 8 HAP contract will be extended for 20 years starting in 2024.
Developed in 1985 under HUD’s Section 202 program, the three-story building at 640 N. Main St. houses studio and one-bedroom apartments of 480 and 540 square feet, as well as one two-bedroom unit, with 10 units accessible to disabled residents. All but one of the apartments cater to seniors earning 30 and 50 percent of the area’s median income. Community amenities include a fitness center, coffee shop, dining room, computer center and library.
With South Coast Improvement Co. serving as general contractor, the property will receive various upgrades such as new cabinets, countertops, flooring and microwaves in all units; new stoves in units with original kitchens; plumbing, electrical, fire alarm and sprinkler system improvements; new windows and air conditioners; installation of a building-wide Wi-Fi system.
Situated some 16 miles south of downtown Boston, the community is less than 2 miles from the city center, just north of Bertha Soule Memorial Park. The location is easily accessible through public transportation.
In March, MassHousing and Rockport provided $7.9 million for the refinancing of a 60-unit senior community in Methuen, Mass. The deal also extended the property’s affordability.