MassHousing announced has closed on $4.4 million in financing to help construct Cheriton Heights Senior Housing in West Roxbury, a new 70-apartment affordable housing community for senior citizens.
The new, six-story Cheriton Heights will be built adjacent to the existing 60-unit Cheriton Grove Apartments for seniors, which was also developed under the HUD Section 202 program in the 1980s.
The close proximity of these two affordable senior communities, under the same management, will create a campus where residents of both buildings will be able to share resources and an extensive network of services for the elderly residents, the companies said.
MassHousing pulled together a $1.4 million construction and permanent loan, a $2 million bridge loan and $1 million from the Affordable Housing Trust Fund, which MassHousing manages on behalf of the state Department of Housing and Community Development (DHCD).
HUD is also providing more than $6 million in financing and the project is expected to benefit from more than $7 million in additional funds from federal Low Income Housing Tax Credits. Additional financing is also being provided by DHCD ($750,000) and the City of Boston ($1.7 million).
Work on the project started this spring with an estimated completion date of August 2013 according to the contractor, CWC Builders. The architect was Nunes Trabucco Architects and the management agent will be The Community Builders.
