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Affordable Apartment Complex Completes Upgrades In Yarmouth

Jun 4, 2014 | Reprints | Unlock Link | Print

Swan Pond Village in South Yarmouth has reopened following a capital improvement program by Weston Assoc. of Boston.

Using a pilot program, Weston Assoc. installed new roofs, windows, apartment interiors, HVAC systems and electrical upgrades. The project also included exterior site improvements.

Weston Assoc. financed the project by combining FHA loans, tax-exempt bonds and low-income tax credits in a streamlined financial process. Weston is the first developer in Massachusetts to utilize a federal pilot program which allowed higher per-unit investment and a faster closing process.

Weston Assoc. invested more than $6 million in the project, which also included an $18 million tax-exempt bond from MassDevelopment, a $23.5 million FHA-insured mortgage and $12.5 million in private investments.

Commercial