Sandwich, MA – Senior citizens and residents with disabilities living at the 44-unit Shawme Heights Apartments in Sandwich will have affordable rents extended for the long term and the property will see approximately $1.6 million in improvements as a result of $6.2 million in MassHousing financing.
The nonprofit Sandwich Senior Housing Corporation refinanced the property through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture program with partner lender Rockport Mortgage Corporation.
MassHousing offers the MAP/Ginnie Mae loan program to the owners of rental housing through the U.S. Department of Housing and Urban Development (HUD). HUD provides expedited Federal Housing Administration (FHA) insurance approvals through the MAP program. The combination of FHA insurance and a Ginnie Mae guarantee enables borrowers to access taxable mortgage financing with lower interest rates, while preserving and extending affordability for hundreds of low-income individuals, senior citizens, and families. MassHousing provided the property owner with a $6.2 million, 35-year permanent loan.
The 44 apartments at Shawme Heights are subsidized by a federal Section 8 Housing Assistance Payment contract. As part of the transaction, Sandwich Senior Housing Corporation executed a new 20-year HAP contract, which will include four years remaining on the previous contract. The transaction will extend affordability at the property for 24 years.
The Shawme Heights Apartments are located at 5 Leverage Lane in central Sandwich and are contained in a 2-story building with 41 one-bedroom apartments and three two-bedroom apartments. The property also includes a community room, community kitchen, laundry room, and outdoor space, and shares a meeting room, fitness center, library, and a hairdresser with the adjacent Shawme Heights II Apartments.
Among the improvements slated for the property are unit upgrades; exterior door, window and siding replacement; gutter and downspout replacement; roofing upgrades; elevator upgrades; security camera upgrades; emergency generator replacement; medical alert system upgrades; common area kitchen upgrade; and common area carpet replacement.
The management agent is C.A.N. Property Management Services, LLC.