Caritas Communities
Loan Approved: May 24, 2017
Caritas Communities recently consolidated two loans representing 12 properties and 263 apartments into one $4.4 million, 40-year fixed-rate loan. The financing enabled Caritas to lower its overall interest rate to 4.38 percent and extend the affordability of these homes from 2022 to 2057.
TYPE: Portfolio Refinancing
WHERE: Six properties in Boston, two in Arlington, two in Everett, and single properties in Braintree, and Medford.
WHAT: Preservation of 263 single-room occupancy units and apartments for very low-income and homeless individuals.
AFFORDABILITY: All affordable at or below 30 percent AMI. Affordability extended from 2022 to 2057
MHP FINANCING: $4.4 million, 40-year fixed-rate loan to overall rate of 4.38 percent.
RENTAL INFORMATION: Caritas Communities, 781-843-1242.
NEWS RELEASE: https://www.mhp.net/news/2017/...