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Gr. Boston: Caritas FHA refinance

Caritas Communities

Caritas 1202 Comm Ave

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.


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