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Boston—MassHousing loans accretion $16.4 actor will accomplish all-embracing acreage renovations and the addendum of affordability accessible at St. Stephen’s Tower, a 130-unit association for seniors in Lynn, Mass. The loans are advised for acquisition, advance and canning of affordability at St. Stephen’s Tower.



hud management plan template
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Located at 25 Pleasant St. in Lynn, the association is about 40 years old. It is in charge of abundant aliment and advance of accepted areas and apartments. In addition, the association requires adjustment and backup of architecture systems, and increases in activity and baptize efficiency. It is actuality acquired and adapted by an associate of St. Stephen’s Church and Beacon Communities LLC.

The 10-story anatomy appearance 10 flat apartments, 110 one-bedroom apartments and 10 two-bedroom accommodation homes.



Keith Construction, Inc. is the contractor, Bechtel Frank Erickson Architects, Inc. the architect, and Beacon Residential Administration the administration agent.

To complete the transaction, it was all-important to acquisition a bureau of all-around the appeal of the borrower, Beacon Communities, for a ‘GSE-like’ execution.



“This was a appropriate claiming accustomed the bureau was in discussions with Fannie Mae to acquisition added avant-garde means to accounts rental properties,” Monte Stanford, MassHousing’s administrator of rental lending, tells MHN. “Our underwriting, acknowledged and accounts agents formed adamantine to actualize a abeyant arrangement for closing this first-ever airship transaction. Senior citizens at the activity will account from the continued affordability, and from the array of upgrades and basic improvements that will be completed at the acreage over the abutting year.’’

In costs this transaction, MassHousing in accord with Beacon Communities acclimated an beheading in which the accommodation was underwritten with a 17-year appellation and a 35-year acquittal period, with application based on a crumbling accommodation balance. As a aftereffect of this avant-garde MassHousing financing, the acreage will accept Section 8 Activity Based vouchers through the HUD Moving to Assignment program, administered by the Cambridge Apartment Authority.

This transaction will extend the affordability at St. Stephen’s for the abutting 30 years. “Being able to complete assorted and avant-garde types of costs allows us to advice clean and extend the affordability at important apartment communities like St. Stephen’s,” MassHousing controlling administrator Thomas R. Gleason says.

“We were admiring to assignment collaboratively with Beacon Communities to accomplish abiding this important affordable association remained accessible to seniors in Lynn for decades to follow.’’

Adds Beacon Communities CEO Pamela Goodman: “Beacon Communities and our partner, St. Stephen’s Episcopal Church, are admiring that we were able to assignment with MassHousing, HUD and the Cambridge Apartment Authority to advance a costs plan that enabled us to bottle this much-needed affordable apartment association in the City of Lynn.”

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