Lynn, MA – MassHousing has closed on $12.4 million in affordable housing financing to St. Mary’s Plaza, Inc., for the refinancing, renovation, and preservation of the 99-unit St. Mary’s Plaza community in Lynn. As a result of the transaction, St. Mary’s Plaza, Inc. will extend affordability protections for senior citizens and residents with disabilities for at least 25 years.
The transaction will involve approximately $1.4 million in property improvements including new roofing, kitchen upgrades in 79 units, new appliances, sewer and water line repairs and snow guard replacement. The property manager is Maloney Properties.
Edward T. Calnan, president of the board of directors at St. Mary’s Plaza Inc., said, “We have always strived to keep our buildings in great shape. Now at 42 years old, we will be able to make more substantial improvements to them because of this loan. Thanks to our board members, Maloney Properties and the financial entities involved for making this happen.”
As part of the transaction, St. Mary’s Plaza, Inc. has executed a new 20-year HUD Section 8 Housing Assistance Payment contract for 98 of the 99 apartments at St. Mary’s Plaza. The new contract will include five years remaining on the previous contract, for an overall extension of affordability of 25 years. There is an additional unit on the property for management staff.
St. Mary’s Plaza was refinanced through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corporation.
“Rockport Mortgage is pleased to once again work with Maloney Properties and MassHousing in preserving the affordability of St. Mary’s Plaza,” said Dan Lyons, president of Rockport Mortgage. “The property will continue to serve as valuable affordable housing stock for the community of Lynn for many years to come.”
St. Mary’s Plaza was created in 1981 with the conversion of a 3-story school building into housing and the construction of a 7-story brick apartment building that are connected with an enclosed walkway. There are 94 one-bedroom apartments and five two-bedroom apartments.
