Multi Residential

$94M in Financing Issued for Lowell Affordable Housing

Boston – MassHousing announced that residents living at the 432-unit Westminster Village Arms in Lowell will have their affordable rents preserved for the long term and see approximately $20 million in property improvements as a result of $94 million in financing.

Related Affordable, a private developer and preservationist of affordable housing in the U.S., refinanced the property through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture program with partner lender Rockport Mortgage Corporation.

“Westminster Village Arms is an important source of affordable housing for residents in Lowell and this transaction will not only preserve their affordable rents for the long term, but significant improvements will be made to the property for their comfort and safety,” said MassHousing CEO Chrystal Kornegay.

Westminster Village Arms consists of 36 three-story buildings and a maintenance building. The buildings were constructed in 1970 and last renovated in 2012. Common areas include an outdoor swimming pool, basketball court, playground, common-area laundry in each building, a business center, and community room with a kitchen.

All 432 apartments at Westminster Village Arms are restricted to households earning up to 60% of the Area Median Income (AMI) for at least the next 19 years. Additionally, 400 of the apartments are subsidized by a federal Section 8 Housing Assistance Payment contract that will be renewed for 20 years. There are 36 studio apartments, 180 one-bedroom apartments, 198 two-bedroom apartments, and 18 three-bedroom apartments.

Among the improvements slated for the property are ADA upgrades, sliding glass door replacement, deck repair and replacements, full window replacements, 14 roof replacements, common area flooring replacement, unit kitchen and bathroom replacements, unit floor replacements, electrical upgrades throughout the entire property, unit air conditioning replacements, security upgrades, lighting upgrades, exterior site work improvements and parking lot repairs.

The general contractor is Keith Construction; D.A. Kinsella Company is the architect; and the management agent is Related Management Company.