Boston – MassHousing has closed on $45.7 million in financing to the Jamaica Plain Neighborhood Development Corporation (JPNDC) for the acquisition, preservation, and renovation of a 201-unit scattered site affordable housing portfolio in Roxbury and Dorchester.
JPNDC utilized MassHousing financing to purchase the portfolio of six affordable housing communities, located on 21 scattered sites in Boston, from the estate of Lorenzo Pitts. As part of the transaction, JPNDC will make extensive capital improvements across the 201-unit portfolio and extend housing affordability at the properties in perpetuity.
Among the renovations planned for the properties are masonry repairs on all building façades, roof and window replacement at selected buildings, accessibility upgrades, kitchen and bathroom upgrades at selected units, and upgrades to life safety, mechanical, electrical, and plumbing systems.
The general contractor will be Bilt-Rite Construction. The architect is The Architectural Team, and the management agent is Peabody Properties.
MassHousing provided JPNDC with a $26 million construction and permanent loan, an $18 million tax credit equity bridge loan, and a $1.7 million Section 13A preservation loan. The MassHousing financing generated $24.3 million in low-income housing tax credit equity for the project.
The transaction also involved $5.7 million in equity from allocations of state and federal historic equity, $1.5 million from the city of Boston, a $25.1 million seller note, and a $5 million bridge loan provide by Santander Bank. JPNDC is providing a $500,000 sponsor cash loan and $1.2 million in rental income to the transaction.