Cohen Residences (courtesy photo)

MassHousing has provided $38 million in financing to Hebrew SeniorLife for the acquisition, renovation and preservation of 98 affordable rental homes for low-income senior citizens and disabled residents at the Julian and Carol Feinberg Cohen Residences in Brookline.

MassHousing is supporting the rehabilitation of the Cohen Residences with a $28.3 million construction, as well as a permanent loan and a $9.7 million bridge loan. The MassHousing financing also generated $16.1 million in equity financing for the project through an allocation of low-income housing tax credits. The transaction also includes a $2 million seller note.

“Brookline has some of the highest housing costs in the country, and this transaction will ensure that the low-income seniors living at the Cohen Residences have an affordable home for decades into the future,” MassHousing Acting Executive Director Tom Lyons said in a statement. “Hebrew SeniorLife was not only committed to extending the affordability for the residents, but also to making significant improvements that will substantially upgrade and modernize the property.”

Hebrew SeniorLife plans to make extensive improvements to the Cohen Residences, including upgrading unit interiors, repairing the roof, repairing or replacing siding and windows, upgrading or replacing major building systems, and substantially improving the building’s energy efficiency. The Cohen Residences are one of Hebrew SeniorLife’s three buildings that make up the Center Communities of Brookline senior living community.

The Cohen Residences are comprised of 21 studio apartments and 78 one-bedroom apartments in a high-rise building at 112 Centre St. in Brookline. The financing transaction extends affordability at the property for at least 30 years. The Hebrew SeniorLife affiliate owner will also extend the federal Section 8 Housing Assistance Payment Contract on 98 units for 20 years.