Boston – MassHousing announced it closed on $18 million in affordable housing financing to CSI Support & Development Services for the preservation and renovation of Admiral’s Tower Co-op in Chelsea, and closed on $31 million to CSI Support & Development Services for the refinancing, renovation and extension of affordability of City Square Elderly Housing in Charlestown.
Admiral’s Tower Co-op
As part of the transaction for Admiral’s Tower Co-op, affordability protections for senior citizens and residents with disabilities living at the 100-unit property will be extended for at least 25 years. Additionally, CSI Support & Development has executed a new 20-year HUD Section 8 Housing Assistance Payment contract for 99 of the 100 apartments at Admiral’s Tower. 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.
CSI Support & Development Services plans approximately $4 million in property improvements, including kitchen and bathroom refurbishments in all units, masonry repair and repointing, replacing entrance doors and fencing, sealcoating the parking lot, installing new smoke and carbon monoxide detectors, and new LED lighting. Work plans also include renovating common space, adding an exercise room and staff offices, reconditioning windows, building insulation, and HVAC upgrades in the units.
Admiral’s Tower was constructed by CSI in 1986 and the 100 apartments are contained in a six-story brick building. There are 26 studio apartments and 74 one-bedroom apartments.
City Square Elderly Housing
City Square Elderly Housing in Charlestown, a 120-unit property also known as Charlestown Co-op, serves senior citizens and residents with disabilities, and as part of the transaction, residents will see affordability protections extended for at least 24 years. As part of the transaction, CSI Support & Development has executed a new 20-year HUD Section 8 Housing Assistance Payment contract for 119 of the 120 apartments at City Square, which will include four years remaining on the previous contract, for an overall extension of affordability of 24 years. There is an additional unit on the property for management staff.
CSI Support & Development Services also plans approximately $4.9 million in property improvements, including kitchen and bathroom upgrades with accessibility modification in some units, new unit heating and cooling systems, common space upgrades, the addition of a gym and a resident service coordinator’s office, brick repointing, landscaping improvements, and the addition of an accessibility ramp at a side entrance.
City Square was constructed around 1900 and rehabilitated by CSI in 1985. The 120 units are contained in a single brick building with four-, five- and six-story wings. There are 31 studio apartments and 89 one-bedroom apartments.
Admiral’s Tower and City Square Elderly Housing were refinanced through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with lender partner 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).
