A mammoth preservation deal involving six properties and 841 units in Massachusetts has been selected the overall winner in Affordable Housing Finance’s Readers’ Choice Awards.
The $243 million deal is one of the largest preservation efforts seen in Massachusetts.
Preservation of Affordable Housing (POAH) acquired the properties, known as the Boston Cape Cod Hudson Portfolio, when the prior owner decided to go out of business. The acquisition and rehab of the properties ensures that they will remain home to low-income seniors and families for years to come.
Three developments with more than 500 units are historically significant buildings in some of Boston’s most desirable neighborhoods. The coveted locations put the properties at risk for market-rate conversion.
Each property was financed separately with different partners to spread the large transactions across different sources. The financing included a nearly $168 million MassHousing loan and about $70 million in 4 percent low-income housing tax credit equity.
In addition to being voted the overall winner, the Boston Cape Cod Hudson Portfolio has been selected best preservation project.
From more than 140 nominations received this year, 34 finalists were selected. AHF magazine and newsletter subscribers then voted for the winners in each category.
The other winners are:
- Family:Hunters View Phase I in San Francisco, by The John Stewart Co., Devine & Gong, and Ridge Point Non-Profit Housing Corp.;
- Green:Harvest Commons Apartments in Chicago, by Heartland Housing and First Baptist Congregational Church;
- Historic Rehab:Kelly Cullen Community in San Francisco, by Tenderloin Neighborhood Development Corp.;
- Rural:Cottages and Gardens at Chesapeake in Elkton, Md., by Homes for America and Severn Development;
- Seniors:The Greens at Irvington Mews in Baltimore, by Enterprise Homes;
- Special-Needs:New Directions Sepulveda I and II in North Hills, Calif., by A Community of Friends and New Directions; and
- Urban:Park Douglas in Chicago, by Brinshore Development and Michaels Development Co.
The winners will be recognized at a luncheon concluding AHF Live: The 2013 Affordable Housing Developers’ Summit, on Nov. 22 at the Fairmont Millennium Park in Chicago.