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.
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.
“Wilkins Glen is a well-maintained housing community that provides important affordable rental homes to residents in Medfield,” said MassHousing Executive Director Chrystal Kornegay. “MassHousing was pleased to partner with Beacon Communities to extend the affordability there for another 30 years, which will provide housing stability and economic opportunity for the residents for the long term.”
Mary Corthell, Beacon Communities’ Executive Vice President of Asset Management, noted, “The preservation of housing affordability at Wilkins Glen will improve the quality of life for our residents for decades to come. We are delighted to have partnered with MassHousing on this important transaction.”
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. MassHousing has surpassed $1.75 billion in cumulative MAP lending and the Agency has built the largest MAP lending program of any state housing finance agency in the nation.
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.
“Rockport Mortgage is pleased to once again work with the principals of Beacon Communities and MassHousing in preserving the affordability of Wilkins Glen,” said Dan Lyons, President of Rockport Mortgage. “The property will continue to serve as valuable affordable housing stock for the community of Medfield for many years to come.”
Located at 1100 Wilkins Glen Road, in Medfield, the housing community was constructed in 1975 and consists of seven two-story apartment buildings, three two-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. Twenty-one units are unrestricted and available to lease at market rents.
Beacon purchased the property in 2012 and completed extensive property improvements totaling $4.6 million. In 2020, all property’s boilers were all replaced, as were some fire system panels.