MassHousing announced a $94 million financing package to preserve affordable rents and fund property improvements at the 432-unit Westminster Village Arms in Lowell, MA. Related Affordable, in collaboration with MassHousing and Rockport Mortgage Corporation, facilitated the refinancing through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture program.
“Westminster Village Arms is an important source of affordable housing for residents in Lowell and this transaction will not only preserve their affordable rents for the long term, but significant improvements will be made to the property for their comfort and safety,” said MassHousing CEO Chrystal Kornegay.
The renovation plan encompasses various enhancements such as ADA upgrades, window replacements, and electrical upgrades, managed by Related Management Company and supported by Keith Construction and D.A. Kinsella Company. The project includes in-unit upgrades and property improvements funded by a $94 million, 35-year permanent loan from MassHousing.
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