MassHousing Closes $45 Million Loan for Acquisition and Preservation of Affordable Housing in Lowell

432-unit Westminster Village Arms will be renovated and remain affordable to low and moderate-income families

BOSTON, MA – September 22, 2011 – (RealEstateRama) — MassHousing announced today that it has closed a $45 million loan for the acquisition and preservation of the 432-unit Westminster Village Arms apartments in Lowell.

Westminster Preservation, L.P., an affiliate of The Related Companies, has purchased Westminster Village Arms and will extend the affordability there for low and moderate-income families.

The owner also plans capital renovations including new siding, roofing and masonry repairs as well as new balcony decking and railing system installation. Other exterior repairs include parking lot, sidewalk, lighting, and retaining wall repairs. A new security system will be installed in the leasing office, a new laundry room will be added and building entry doors will be replaced.

Apartment upgrades will include new kitchen cabinets, Energy-Star appliances and flooring. Energy efficient lighting will be installed throughout the units and selective tub, toilet and apartment entry and closet doors will be replaced.

“Westminster Village Arms is a major affordable housing resource for the city of Lowell and its residents and we are pleased that this MassHousing loan closing will extend the affordability for tenants there for many years to come,” said MassHousing Executive Director Thomas R. Gleason.

Of the 432 apartments, 400 are subsidized by a Section 8 Housing Assistance Payment contract, which was due to expire on May 31, 2012. As part of this financing, the owner secured a 20-year renewal and extension of the Section 8 HAP contract. Of the remaining 32 units, 12 apartments will be restricted to low-income households, with incomes at or below 60 percent of the area median income ($55,020 for a family of four). Twenty units will be rented at market rate.

Westminster Village Arms was built in 1970 and is located at 1349 Pawtucket Boulevard overlooking the Merrimack River. The development is made up of 36 three-story wood-framed buildings spread across 20 acres of land. The unit mix consists of 36 studios, 180 one-bedroom, 198 two-bedroom, and 18 three-bedroom apartments.

The contractor will be AMK Contracting Corporation and the architect is tbc Architects. The management agent is Related Management Company.

About MassHousing
Celebrating its 45th anniversary, MassHousing (The Massachusetts Housing Finance Agency) is an independent, quasi-public agency created in 1966 and charged with providing financing for affordable housing in Massachusetts. The Agency raises capital by selling bonds and lends the proceeds to low- and moderate-income homebuyers and homeowners, and to developers who build or preserve affordable and/or mixed-income rental housing. MassHousing does not use taxpayer dollars to sustain its operations, although it administers some publicly funded programs on behalf of the Commonwealth. Since its inception, MassHousing has provided more than $13 billion for affordable housing. For more information, visit the MassHousing website at www.masshousing.com, follow us on Twitter @MassHousing, subscribe to our blog and Like us on Facebook.

Contacts
Eric Gedstad: 617.854.1079 | egedstad (at) masshousing (dot) com
Tom Farmer: 617.854.1843 | tfarmer (at) masshousing (dot) com