October 2, 2019
MassHousing has provided $22.7 million in affordable housing financing for the rehabilitation of the Holyoke Farms affordable housing community in Holyoke. The MassHousing financing will allow the borrower, Maloney Properties, to undertake substantial property renovations and construct 12 new apartments at the 229-unit development.
Holyoke Farms currently has 225 apartments clustered in 32 townhouse-style buildings at 87 Farnum Dr. in Holyoke. As part of the renovations, eight current apartments will be demolished and replaced with 12 new accessible, one-bedroom units to address the needs of elderly and disabled residents.
MassHousing provided Maloney Properties with a $12.2 million permanent loan and $9.9 million in bridge loan financing. The transaction also involved $12.5 million in tax credit equity financing, generated by an allocation of federal Low-Income Housing Tax Credits by the Massachusetts Department of Housing and Community Development (DHCD).
For comments, questions or concerns, please contact David Cohen