Central Mass. towns receive $57M in affordable housing refinancing
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Longfellow Glen in Sudbury is 120 units and received $32.2 million in financing from MassHousing.
Properties in Maynard, Sturbridge, and Sudbury received a total of $56.8 million in financing for senior and family housing projects from MassHousing, allowing for the properties’ owner to refinance and preserve affordability.
In total, MassHousing allotted $205 million for refinancing of 10 affordable housing complexes across the state, all owned by Providence Realty Investment, according to MassHousing’s Monday press release.
Providence Realty Investment, based in Rhode Island, bought the housing communities in 2011, using $125 million from MassHousing, ensuring rents would remain affordable for lower-income renters. The properties, which total 931 units, were originally financed by MassHousing in the early 1980s.
“These properties have been well maintained over the years and these transactions will allow residents to remain in their homes, in towns where affordable rental housing can oftentimes be difficult to obtain,” said MassHousing Executive Director Chrystal Kornegay in a statement.
Old Mill Glen in Maynard, including 50 units, received $10.7 million in financing. Heritage Green in Sturbridge, including 130 units, received $13.9 million. Longfellow Glen in Sudbury, including 120 units, received $32.2 million in financing, which was the second-highest financing allotment after a 125-unit community in Wellesley granted $38.4 million.
Other projects included in the refinancing were located in Abington, Falmouth, Needham, Norton, Reading, and Winchester.
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