Boston, MA. Nixon Peabody client Wollaston Lutheran Housing Corporation has closed two financing deals, allowing it to substantially upgrade two properties at a time when demand for affordable housing is outstripping supply.
Wollaston Lutheran Housing refinanced a $28.9 million, 40-year MassHousing loan for Town Brook House, a 151-unit elderly affordable housing development in Quincy, Massachusetts. MassHousing is a quasi-public agency that provides financing for affordable housing. Proceeds of the loan will allow Wollaston Lutheran Housing to maintain the property and also allow it to expand services in its community. As part of the transaction, Wollaston Lutheran Housing leased two parking areas to an adjacent business.
In a second transaction, Wollaston Lutheran Housing closed on a $19.9 million, FHA-insured loan on its 152-unit Fenno House affordable housing property, also located in Quincy. The Fenno House loan will allow for a substantial rehabilitation of the property, which was built in 1973. The loan was originated and underwritten by Hampden Park Capital and made by ORIX Real Estate Capital. The U.S. Department of Housing and Urban Development is providing mortgage insurance, and Curtis Construction Company is providing general contracting services.
“The amazing work done by the teams at Nixon Peabody and Hampden Park was instrumental to Fenno House obtaining the new long-term funding necessary to bring about the revitalization of this historically, chronically underfunded program that is so important to the Quincy community,” said Tim Wismar, executive director of Wollaston Lutheran Housing. “With the completion of these transactions, our nonprofit organization has now entered a new phase of rejuvenation and growth.”
“Wollaston Lutheran Housing provides such an essential service to the community,” said Jeffrey Sacks, a partner in Nixon Peabody’s Affordable Housing and Real Estate group, who led both transactions. “We’re proud to help them advance their mission and make a positive impact on their current and future residents.”
In addition to Jeff Sacks, the deal team included Ali Walendziak and Alexander Rosso. Anthony Ruvolo helped the development team address some unique regulatory challenges, which allowed the client to maximize the project’s subsidy income to support the new financing.
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