Posted on May 16, 2018
Three owners of affordable housing in gateway cities have used Fannie Mae loans from MHP to ensure their affordability for years to come. In Springfield, MHP made a $2 million Fannie Mae loan to Garden Park Management to ensure the long-term affordability of Bel-Air Homes.
Constructed in 1979 and located in the north end of Springfield, Bel-Air consists of 20 duplex buildings offering 20 three-bedroom and 20 four-bedroom homes for families, along with 80 off-street parking spaces.
MHP’s long-term, fixed-rate, low-interest loan will enable Garden Park Management to buy out its original partners and reorganize ownership under a single entity that will be positioned to preserve and maintain the property as affordable housing for families for years to come.
In New Bedford, Trinity Financial’ s efforts to revitalize Regency Tower continued this past year as MHP closed on an $8.5 million Fannie Mae loan. This enabled the developer to refinance 96 market-rate and workforce rental apartments with longer-term, fixed-rate financing.
Trinity’s involvement in downtown New Bedford’s tallest building dates back 10 years when it stepped forward and purchased the 14-story building, which was on the brink of foreclosure and in need of repairs. Working with the city, Trinity used a blend of public and private financing to rehabilitate the property into 96-mixed-income apartments and 33 affordable apartments for households at or below 50 percent of area median income.
In Everett, MHP has committed $6.1 million in Fannie Mae financing to WinnDevelopment for the refinancing of Parkway Heights. The refinancing ensures the affordability of 47 apartments in the 74-unit, seven-story mixed-income building.