MassHousing provides $21.4 million refinancing for the 103 Wilkins Glen units at Medfield
BOSTON– MassHousing has closed a $21.4 million affordable housing financing to Beacon Communities LLC for the refinancing and affordability expansion of 103 Wilkins Glen units in Medfield, MA.
As part of the transaction, Beacon Communities will extend the current Section 8 housing assistance payment contract on 82 affordable apartments in Wilkins Glen for 30 years, until 2052.
“Wilkins Glen is a well-maintained housing community that provides great affordable rental housing for Medfield residents,” said MassHousing General Manager Chrystal Kornegay. “MassHousing was pleased to partner with Beacon Communities to extend affordability there for another 30 years, which will provide housing stability and economic opportunity for long-term residents.”
Mary Corthell, Executive Vice President of Asset Management for Beacon Communities, said, “Preserving housing affordability in Wilkins Glen will improve the quality of life for our residents for decades to come. We are delighted to have partnered with MassHousing on this important transaction. »
Wilkins Glen was refinanced through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae joint venture initiative with lending partner Rockport Mortgage Corporation. MassHousing offers the MAP/Ginnie Mae Loan Program to rental homeowners through the U.S. Department of Housing and Urban Development (HUD). HUD provides expedited Federal Housing Administration (FHA) insurance approvals through the MAP program. MassHousing has exceeded $1.75 billion in cumulative MAP loans and the Agency has established the largest MAP loan program of any public housing finance agency in the country.
The combination of FHA insurance and a Ginnie Mae guarantee gives borrowers access to taxable mortgage financing with lower interest rates, while preserving and expanding affordability for hundreds of low-income people. income, seniors and families. MassHousing is providing Beacon Communities with a permanent loan of $21.4 million over 35 years.
“Rockport Mortgage is excited to once again work with the leaders of Beacon Communities and MassHousing to keep Wilkins Glen affordable,” said Dan Lyons, President of Rockport Mortgage. “The property will continue to serve as valuable affordable housing stock for the Medfield community for many years to come.”
Located at 1100 Wilkins Glen Road, Medfield, the housing community was built in 1975 and consists of seven two-story apartment buildings, three two-story townhouse buildings, a single-family four bedrooms and a clubhouse/rental office. There are 54 one-bedroom apartments, 28 two-bedroom apartments, 18 three-bedroom apartments and three four-bedroom apartments. Twenty-one units are unrestricted and available for rent at market rents.
Beacon purchased the property in 2012 and completed extensive property improvements totaling $4.6 million. In 2020, all the boilers in the property were all replaced, as well as some fire system panels.