Stratton Hill apartments land $23M for rehab
The Stratton Hill apartments will undergo a major renovation thanks to $22.5 million in financing from MassHousing.
The Stratton Hill Park housing community in Worcester will undergo an extensive renovation after MassHousing has closed $22.5 million in financing to a privately-owned real estate firm.
On Wednesday, MassHousing announced it has closed on the financing to Beacon Communities LLC for the purchase and renovation of the 156-unit Stratton Hill Park complex.
The company is planning $9.7 million in property renovations, including eight accessible apartments and common area accessibility improvements, new roofs on townhouse buildings, drainage improvements, building façade and balcony repairs and new, energy-efficient windows.
The state agency said it provided a $9-million construction and permanent loan, a $10.2-million equity bridge loan and $2.5-million from MassHousing’s Workforce Housing Initiative.
Also contributing to the transaction was $3.5 million in financing from the state Department of Housing and Community Development, $1.2 million from the Affordable Housing Trust Fund administered by MassHousing and $15.1 from an allocation of state and federal low-income housing tax credits, MassHousing said.
The transaction received approximately $3.5 million in financing from DHCD, $1.2 million from the Affordable Housing Trust Fund, which MassHousing administers on behalf of DHCD, and approximately $15.1 from an allocation of state and federal Low-Income Housing Tax Credits.
Beacon Communities acquired the property under Chapter 40T, a state law designed to help prevent affordable housing from being sold and converted to market-rate rents, MassHousing said.
The apartments, located at 161 West Mountain St., currently includes 18 studio units, 82 one-bedroom apartments, 45 two-bedroom apartments and 11 three-bedroom apartments located in two mid-rise buildings and two townhouse buildings.
Beacon Communities is proposing 16 units for households earning at or below 30 percent of the Area Median Income ($25,700 for a family of four), 62 units for households earning at or below 60 percent AMI ($51,420 for a family of four), 50 units for working households with incomes between 61 percent and 80 percent AMI ($52,247 to $68,000 for a family of four) and 28 units will be rented at market rates.
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