MassHousing has closed on an $8.3 million loan to preserve the affordability of a low-income housing facility for seniors in East Boston.

The 87-unit Victory Gardens, located at 54 Orleans St., is owned by Victory Gardens Assoc., an affiliate of Peabody Properties Inc. As a condition of the financing, the owner will seek to extend the federal Section 8 Housing Assistance Payment (HAP) contract and the affordability on all 87 apartments when the current HAP contract expires in July 2019.

A number of renovations are also planned for the property as part of the financing. Renovations include 504/ADA upgrades to common areas, refurbishment of common areas and roof and window replacement.

Of the property’s 87 apartments, 83 are one-bedroom units and four are two-bedroom units located in a four-story building built in 1979.

Victory Gardens was refinanced through MassHousing’s Section 8 Proactive Preservation Program, which seeks to extend affordability at MassHousing-financed developments where MassHousing mortgages are due to mature and Section 8 HAP contracts are due to expire.