Boston-Area Affordable Senior Community Scores Refi

Preservation of Inexpensive Housing has secured a 35-year, $15.2 million everlasting mortgage to refinance the inexpensive 104-unit Bridle Path Residences in Randolph, Mass. The financing, supplied by MassHousing and its lending accomplice, Rockport Mortgage Corp., will assist prolong affordability for the seniors dwelling on the property for at the least 32 extra years.

POAH signed a brand new, 20-year federal Part 8 Housing Help Cost Contract for 103 out of the 104 models on the group. Moreover, this contract has been renewed for a further 12 years, for an total extension of affordability of 32 years. The remaining unit is rented at an unrestricted charge.

Inexpensive possibility for seniors south of Boston

The proprietor has plans to renovate and improve the three-building group, including new asphalt roofing, gutters and downspouts, amongst others. Inbuilt 1966, the property at present gives one- and two-bedroom floorplans, starting from 583 to 719 sq. ft, and is managed by POAH Communities, in keeping with Yardi Matrix information. A complete of 140 parking areas can be found, the identical information supplier exhibits.

Situated at 164 Bittersweet Lane, the group is a few 17 miles south of downtown Boston and a few 4 miles south of Interstate 93, offering easy accessibility into the metro. A number of retail, eating and leisure choices can be found inside a 1-mile radius.

This month, MassHousing supplied one other $206 million for the refinancing of 10 Massachusetts inexpensive communities. Seven out of the ten are additionally senior housing and Rockport Mortgage Corp. was the lending accomplice for these as properly.