Providence Realty Investment LLC refinanced a portfolio of affordable senior apartment communities with a $206 million loan provided by MassHousing. Totaling 931 units in Massachusetts, the portfolio consists of seven affordable senior apartment communities and three non-senior affordable housing communities. Wingate Management manages all 10 properties, which feature mostly Section 8 HAP contract units.
Rockport Mortgage Corporation served as the lending partner for the transaction, and MassHousing provided the MAP/Ginnie Mae loan to the owner through HUD. The financing also helped Providence Realty preserve and extend the affordability of the properties.
MassHousing was certainly familiar with the portfolio, having provided a $123 million loan in 2011 for the current owner’s acquisition of the 10 properties. Plus, MassHousing originally financed all of the properties between 1979 and 1984.
