Wingate Development Corp. is refinancing its Norway Apartments property in Boston using MassHousing financing.
The owner will extend the federal Section 8 Housing Assistance Payment contact on 120 of the 137 apartments for 20 years with the $27.4 million financing package. The other 17 apartments will remain at market rates.
“With this refinancing of the Norway Apartments affordability for its residents will be preserved for the long term,” MassHousing Executive Director Timothy C. Sullivan said in a statement. “The owner has completed extensive renovations that will also keep the property in good condition into the future.”
Constructed in 1913, the Norway Apartments are located in the Fenway neighborhood of Boston and are comprised of two 4-story buildings and two 5-story buildings.