Charles H. Farnsworth Senior Housing Corp. has received $14.5 million for the renovation, preservation of affordability and refinancing of Farnsworth House, a 76-unit, fully affordable and age-restricted community in Jamaica Plain, Mass.
MassHousing provided the 35-year permanent loan through the Multifamily Accelerated Processing/Ginnie Mae Joint Venture Initiative, with Rockport Mortgage Corp. as lending partner. The company closed on the deal working alongside Rogerson Communities.
The owner closed a 20-year HUD Section 8 Housing Assistance Payment contract for 75 apartments at the community. The transaction resulted in the preservation and the extension of the property’s affordability for more than 24 years and includes four years remaining on the previous contract.
Plans call for several upgrades of the seven-story building, such as the replacement of the roof and the emergency generator, as well as the emergency call system, the refurbishment of the parking spaces, removing an underground oil tank and lobby furniture.
Independent and assisted living facility
Completed in 1982 under the federal Section 202 Program, Farnsworth House incorporates one- and two-bedroom apartments. The independent and assisted living community serves low-income elders and people with disabilities. Farnsworth House features live-in staff for emergency response, assistance with daily activities, a computer learning center and a community garden, among other services.
Located at 90 South St., the property is 7 miles from downtown Boston. Farnsworth is within walking distance of several dining options and green spaces, such as Arnold Arboretum of Harvard University and Jamaica Pond. Brigham and Women’s Faulkner Hospital is within 1.3 miles.
Recently, MassHousing also provided a $12.9 million loan for the preservation of affordability and refinancing of a 106-unit fully affordable and age-restricted community in Brockton, Mass.
The post MassHousing Provides Refi for Boston-Area Senior Community appeared first on Multi-Housing News.
Gillian Executive Search is a leader in Affordable Housing Development, Financing, Design and Construction recruiting. www.gessearch.com