Kenquad Limited Partnership, a real estate entity managed by HAPHousing, has secured a $6.6 million MassDevelopment bond, purchased by Bank of America Public Capital Corp., to buy and renovate two rental housing facilities in Springfield.

The facilities – known as Kenwyn Park Apartments and Quadrangle Court Apartments – contain 60 residential housing units in three buildings, all of which are affordable to households earning no more than 60 percent of the area median income. Both complexes are listed on the National Register of Historic Places.

In renovating the facilities, the developers plan to install sprinkler systems and windows; upgrade the fire alarms, laundry rooms, kitchens and bathrooms; repair the roof and masonry; remove lead and asbestos; and resurface parking areas.

MassDevelopment assisted the Department of Housing and Community Development with the approval of federal low-income housing tax credits, which provided approximately $2.8 million in equity.

The project is expected to support 30 construction jobs.

 

Developer To Buy, Renovate Affordable Springfield Apts. With MassDev Bond

by Banker & Tradesman time to read: 1 min
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