Senior, Disabled Community in Boston Area Scores $10M Loan

The owners refinanced Peter Sanborn Place through a MassHousing loan and intend to implement an improvement program.
Peter Sanborn Place
Peter Sanborn Place. Image courtesy of MassHousing

A joint venture between non-profit Affordable Housing and Services Collaborative and First Church in Malden Homes Inc. has obtained $10.2 million in MassHousing financing for Peter Sanborn Place, a 74-unit affordable community for seniors age 62 and over and for disabled residents under age 62 in Reading, Mass.

The owners refinanced the property through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae joint venture initiative in partnership with lender Rockport Mortgage Corp. As a result, the property got a 20-year affordability extension through a Section 8 HAP contract. Peter Sanborn Place is now affordable through 2043.

Located at 50 Bay State Road, the community is near Interstate 95, less than 1 mile from downtown Reading. Downtown Boston is roughly 14 miles south via Interstate 93 and Boston Logan International Airport is 17 miles away.

Constructed in 1980 on a 6.6-acre site, Peter Sanborn Place has 74 apartments in a three-story building. The community offers three studios of 480 square feet each and 71 one-bedroom units of 535 square feet each.

Peabody Properties manages the community that will be upgraded following the recent refinancing. Improvements will include accessibility upgrades, parking lot repairs, roof replacement and fence repairs.

In February, MassHousing provided almost $45 million in financing for a 242-unit affordable senior housing community in Brighton, Mass. The property’s affordability was extended for three more decades.