Acquistion financing to E.A. Fish Associates for 46-unit downtown historic building
Posted on July 20, 2007
FRAMINGHAM --- A downtown Framingham apartment building that has provided homes for elderly and disabled residents for nearly 30 years will continue to remain affordable thanks in part to a $3.29 million loan commitment from the Massachusetts Housing Partnership.
The financing will help E.A. Fish Associates acquire, preserve affordability for low-income residents and do maintenance upgrades to Irving Square Apartments, a five-story, 46-unit apartment building at 73-79 Irving Street. Improvements will include full replacement of the elevator and windows, and upgrades to the buildings’ heating and air systems, as well as bathroom and kitchen repairs. The effort is also receiving $1.8 million in Low Income Housing Tax Credits from the state as well as state and federal historic tax credits totaling $973,665.
Affordable housing in historic building
The former site of the historic Lewis Furniture Company, the building was built in 1898 and converted into 46 one and two-bedroom units of affordable housing for lower-income elderly and disabled people in 1979. It has been owned since 1982 by a local group known as Irving Square Associates Limited Partnership. Located in the downtown section of Framingham known as Irving Square, it is close to stores, the town’s commuter rail and health care services.
E.A. Fish Associates is a well-known Massachusetts real estate development company. The firm began its development activity in 1968 by partnering with municipalities and housing authorities in the development of affordable, elderly housing. Today, E.A. Fish develops market rate and affordable apartments, condominiums, senior residential facilities, as well as commercial projects.
“We are delighted to be playing a part in the continued preservation of a building that is symbol of Framingham’s economic history and that has served the town well for over 20 years as affordable housing for the elderly and disabled,” said David Rockwell, MHP’s director of lending. “And we’re happy to be working with E.A. Fish Associates, whose real estate experience will assure that this building continues to provide quality affordable housing for Framingham residents for years to come.”
ABOUT MHP
MHP is a quasi-public state agency that provides permanent financing for affordable rental housing, with loans typically ranging from $250,000 to $15 million. MHP uses private bank funds to finance affordable housing due to a 1990 state law that requires banks that purchase other banks to make funds available to MHP. Since 1990, MHP has provided over $525 million in permanent loans for the financing of 13,500 units of rental housing.
For more information about MHP's financing programs, contact Director of Lending David Rockwell at 617-330-9944 x222.