Boston, MA. Nixon Peabody client Hebrew SeniorLife (HSL) has closed financing deals on two Boston-area properties that will help the organization chart its post-pandemic path and secure its financial future.
The not-for-profit senior living and care organization, which is affiliated with Harvard Medical School, refinanced a $27.4 million, 35-year loan for its Simon C. Fireman Community in Randolph, MA. HSL also converted its $28.4 million temporary construction loan to a permanent loan for the 98-unit Julian and Carol Feinberg Cohen Residences in Brookline, MA.
“These two deals not only help Hebrew SeniorLife weather the current environment, but also position it for future financial strength,” said Jeffrey Sacks, a partner in Nixon Peabody’s Affordable Housing and Real Estate group, who led both transactions. “Hebrew SeniorLife provides essential services to our region’s senior population, and we are proud to help HSL further its mission.”
The Randolph refinancing allows the organization to make roughly $5.5 million in upgrades to the Simon C. Fireman Community, which comprises 159 independent-living apartments and was built in the 1990s. The deal enables HSL to focus investments on important upgrades for residents, and lays the groundwork for additional development on the site by HSL.
HSL closed on a tax credit transaction for the Cohen Residences in 2017 and obtained a construction loan from the Massachusetts Housing Finance Agency, a quasi-public agency that provides financing for affordable housing. The recent significant renovations at the Cohen Residences and the conversion of the construction financing to permanent financing are critical steps in the long-term preservation of this project as affordable senior housing.
Jeff Sacks, Ali Walendziak, and Alexander Rosso represented Hebrew SeniorLife in the Randolph financing, while Jeff Sacks and Julie Hancock Stande represented the organization in the Brookline transaction.