January 8, 2020
Hunt Real Estate Capital provided a $7.83-million loan to refinance a Section 8 Elderly Affordable property located in Worcester, MA. The refi under the FHA’s Section 223(f) program has a 35-year term.
Built in 1991, Emanuel Village Apartments is a 75-unit elderly head of household and disabled Section 8 affordable multifamily property at 59 Evelyn St. in Worcester.
“The borrower acquired Emanuel Village Apartments in mid-2018 and has secured the new loan to retire existing short-term bridge financing and recapitalize the asset for the long term with FHA insured financing,” said Hunt Real Estate Capital’s Suzanne Cope.
“The property has historically benefitted from a project-based Section 8 HAP Contract that covers all 75 of the units,” added colleague Kevin Deegan. “The HAP Contract was assigned and assumed by the borrower upon acquisition, and they have applied for and received a new 20-year HAP Contract.”
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