Silver Street Lands Refi for Boston-Area Affordable Community
The owner will invest $8 million in renovations.
Silver Street Development Corp. has obtained $13.9 million in refinancing funds for Jaycee Place, a 138-unit affordable housing community in Lowell, Mass. MassHousing secured the financing through its Conduit Loan Program, while Red Stone provided permanent and construction loans via a private placement of the bonds.
Through this financing structure, Silver Street will be able to access $11.4 million in low-income housing tax credit equity from the tax credit syndicator, Boston Financial Investment Management.
The owner will be able to invest over $8 million in renovations, including facade repairs, a new roof, new solar PV carports, Energy-Star appliances, water-saving fixtures, a new boiler system, new windows, seven fully ADA-compliant units and common area amenity upgrades.
The Architectural Team serves as the architect for the rehabilitation project, with Port Harbor Construction as the general contractor and Housing Management Resources as the management agent.
Silver Street purchased the property back in 1998 from Peabody Properties for $26.7 million, according to Yardi Matrix data. Jaycee Place is designated for residents earning up to 60 percent of the area median income, with 14 of the units reserved for individuals earning up to 30 percent of AMI.
The community is located at 22 Bowers St. in Boston’s Lowell submarket. Lowell General Hospital, University of Massachusetts Lowell and The Lowell National Historical Park are in a 1-mile radius.
Built in 1976 through the HUD Section 236 program, the seven-story building incorporates one- and two-bedroom floorplans ranging between 462 and 756 square feet. Common-area amenities include a community room, an elevator, laundry facilities and approximately 110 parking spaces.
Funding affordable housing in Massachusetts
In January, MassHousing closed on a $12.4 million loan for the refinancing and preservation of a 99-unit age-restricted and fully affordable housing community in Lynn, Mass.
The agency also provided $13.5 million in financing for the renovation and preservation of affordability of a 199-unit community in Medford, Mass.