Boston – MassHousing has closed on $21.4 million in affordable housing financing to Beacon Communities LLC for the refinancing and extension of affordability at the 103-unit Wilkins Glen in Medfield.
Located at 1100 Wilkins Glen Road, in Medfield, the housing community was constructed in 1975 and consists of seven 2-story apartment buildings, three 2-story townhouse buildings, a four-bedroom single-family house and a clubhouse/leasing office. There are 54 one-bedroom apartments, 28 two-bedroom apartments, 18 three-bedroom apartments and three four-bedroom apartments. There are 21 unrestricted units that are available to lease at market rents.
Wilkins Glen was 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). 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 is providing Beacon Communities a $21.4 million, 35-year permanent loan.
As part of the transaction, Beacon Communities will extend the current Section 8 Housing Assistance Payment contract on 82 affordable apartments at Wilkins Glen for 30 years, through 2052. Beacon purchased the property in 2012 and completed property improvements totaling $4.6 million.