MassHousing announced that it has closed on $50.6 million in financing for the acquisition and preservation of four affordable housing developments in Massachusetts.
Beacon Communities of Boston used the financing to help purchase properties in Boston, Beverly, Maynard, and Medfield, from Equity Residential. The 351 apartments involved in the transaction will remain affordable for at least 40 years under the terms of the financing. The housing will undergo varying amounts of capital improvements.
Using MassHousing financing, Beacon Communities purchased the following properties:
- Conway Court in Boston – $3.3 million in short-term acquisition financing and long-term construction and permanent financing for 28 units of affordable family housing;
- Jaclen Tower in Beverly – $11.7 million in short-term acquisition financing and long-term construction and permanent financing for 100 units of affordable seniors housing;
- Summer Hill Glen in Maynard – $17.8 million in short-term acquisition financing and long-term construction and permanent financing for 120 units of affordable seniors housing; and
- Wilkins Glen in Medfield— $17.7 million in short-term acquisition financing and long-term construction and permanent financing for 103 units of affordable family housing.
In October, MassHousing announced that it has provided nearly $1 billion in affordable housing financing in fiscal 2012, setting a one-year lending record. The agency’s lending for the 12-month period ending June 30 was $965.3 million, up 21 percent from the prior year. MassHousing exceeded its previous best lending year by 15 percent.
