Posted on May 22, 2018
BOSTON --- With strong employment creating a demand for multifamily housing, MHP recently provided acquisition financing for two mixed-income rental apartment buildings in the suburbs.
In Norwood, MHP provided the Jefferson Apartment Group with a $58.5 million loan for the acquisition of One Upland, a 262-unit mixed-income apartment complex. The financing came through Fannie Mae’s MBS Program and closed in October, 2017.
Located within the Upland Woods Corporate Office Park – formerly the Polaroid campus – One Upland features 90 one-, 152 two- and 20 three-bedroom apartments within seven four-story wood-framed buildings.
Built with a Ch. 40B comprehensive land use permit issued by the Town of Norwood, it is required that 25 percent (66 apartments) must be affordable to households earning less than 80 percent of area median income (AMI). Located just south of Boston, One Upland is close to highways and three MBTA commuter rail stops.
In Norton, MHP provided Jones Street Investment Partners with a $38.4 million loan for the acquisition of East Main Street Apartments, a 188-unit mixed-income apartment complex. Financing for this acquisition also came through Fannie Mae’s MBS Program and closed in March, 2018.
The property is located between Boston and Providence. It is one-quarter of a mile from I-495, five miles east of Rt. 95 and is five miles from the Mansfield commuter rail station. It’s comprised of 80 one-, 96 two- and 12 three-bedroom apartments within seven three- and four-story buildings.
Also built with a Ch. 40B comprehensive land use permit issued by the town, 47 apartments are affordable for households below 80 percent AMI.