MassHousing has provided $66 million in financing to renovate and preserve the affordability of senior housing in Quincy.
The 1000 Southern Artery Renewal Development Limited Partnership, a partnership between Quincy Point Congregational Church Homes Inc., and the National Foundation for Affordable Housing Solutions Inc. will acquire and oversee renovations at the 640-unit Quincy Point Apartments in Quincy.
"This is a financing structure that has become the preferred means of financing the acquisition and rehabilitation of affordable properties throughout the country and we were pleased to work with the borrower to make this transaction happen and extend the affordability for the seniors at Quincy Point for at least 30 years," MassHousing Executive Director Thomas R. Gleason said in a statement.
Planned renovations for the property include exterior improvements and the installation of Energy Star-rated windows and sliding doors, high efficiency boilers and chillers and upgrades to common areas and resident amenities.
Apartment improvements will include new kitchens with Energy Star-rated appliances, high-efficiency baseboard heaters and new bathrooms with low-flow toilets and electrical upgrades.
MassHousing worked with the property owners to accommodate their preferred financing structure, which involved a $66 million MassHousing conduit construction loan with a Fannie Mae-backed permanent loan closed and serviced by Greystone Servicing Corp.
As a result of the MassHousing financing and the use of Low-Income Housing Tax Credits to help finance the acquisition and rehabilitation of the property, a minimum of 90 percent of the apartments (576) will remain affordable for at least 30 years to residents earning at or below 60 percent of the area median income ($56,460 per household).
The Quincy Point Apartments are located at 1000 Southern Artery in Quincy. The 640 apartments – 497 studio apartments and 143 one-bedroom apartments – are contained in three eight-story buildings built between 1965 and 1972 and are connected by enclosed pedestrian corridors.
