Boston – MassHousing has closed on $34.4 million in financing for the Franklin Highlands community in Roxbury and Dorchester.
The financing will extend affordability at the 270-unit community by 20 years and allow Maloney Properties, Inc. and the Franklin Park Development Tenants Association to launch major renovations across the property.
Northeast Interiors (NEI) and Maloney contracting group are the general contractors, and Icon Architecture is the architect for the project.
Franklin Highlands is comprised of 14 four-story apartment buildings, located in a 10-block area near Franklin Park. Maloney Development LLC and the Franklin Park Development Tenants Association will undertake $32 million in extended property renovations, including extensive masonry repairs to exterior walls, new roofs, repairing and replacing windows, and upgrading HVAC and electrical systems.
MassHousing is providing a $27.6 million permanent loan and a $6.8 million second mortgage loan. The financing resulted in a new, 20-year Section 8 Housing Assistance Payment contract on all 270 apartments.
“We are very pleased to complete this transaction with Maloney Properties and the Franklin Park Development Tenants Association,” said MassHousing executive director Tim Sullivan. “MassHousing is committed to creating quality affordable housing opportunities for the residents of Massachusetts, and this refinancing advances that mission by unlocking an extensive property modernization and extending long-term housing affordability for hundreds of lower-income families in Dorchester and Roxbury.”