August 5, 2019
MassHousing has provided a $10.2 million loan to refinance Peter Sanborn Place, a 74-unit senior housing community in Reading.
Located at 50 Bay State Rd., the 74 apartments are contained in a three-story building built in 1980. The property contains 71 one-bedroom apartments and three studio units. Peabody Properties manages the community.
Masshousing provided the affordable housing financing to property owners, the non-profit Affordable Housing and Services Collaborative (AHSC) and First Church in Malden Homes. The owners refinanced Peter Sanborn Place through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with partner lender Rockport Mortgage Corporation. As a condition of the MassHousing financing, the owners extended a federal Section 8 Housing Assistance Payment Contract on 73 apartments at Peter Sanborn Place 20 years beyond the current contract maturity of 2023, extending affordability through 2043.
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