BOSTON – Affordability for senior citizens and disabled residents at the 30-unit St. Mathieu’s Apartments in Fall River will be preserved for 28 more years, thanks to $4.9 million in financing provided by MassHousing.
St Mathieus Preservation LLC, a joint venture between Aedera Companies and SHIFT Capital, acquired the property using MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture program, with Rockport Mortgage Corporation serving as the partner lender.
The four-story property, originally built in 1930 as a school and converted to rental housing in 1982, includes 28 one-bedroom and two two-bedroom apartments. Residents also have access to a community room, a computer room, and on-site support services. All units are subsidized through a federal Section 8 Housing Assistance Payment (HAP) contract. As part of the transaction, the new owner executed a new 20-year HAP contract, which incorporates the remaining eight years of the previous contract.
“This financing will not only allow the new owner to preserve this important housing resource for its residents but extend the affordability for nearly three decades to come,” said Chrystal Kornegay, CEO of MassHousing.
Alison Carey, founder of Aedera Companies, added, “We are proud to carry forward the legacy of St. Mathieu’s Apartments to provide high-quality housing for residents, and we are grateful for the support of our partners to ensure preservation of the property with affordability protections.”
MassHousing’s MAP/Ginnie Mae loan program provides owners of rental housing access to expedited Federal Housing Administration (FHA) insurance approvals through the U.S. Department of Housing and Urban Development (HUD). With more than $2.5 billion in cumulative MAP lending, MassHousing operates the largest MAP lending program of any state housing finance agency in the nation.
The combination of FHA insurance and a Ginnie Mae guarantee allows borrowers to secure taxable mortgage financing at lower interest rates, while ensuring long-term affordability for low-income individuals, senior citizens, and families. MassHousing provided St Mathieus Preservation LLC with a $4.9 million, 35-year permanent loan.
“Preserving and extending affordability at St. Mathieu’s Apartments ensures that some of Fall River’s most vulnerable residents can remain safely housed in their community,” said Linda Pellegrino, Senior Vice President at Rockport Mortgage. “We’re pleased to partner with MassHousing and St Mathieus Preservation LLC to secure this critical resource for seniors and disabled residents for decades to come.”
Newmark Affordable Housing Advisors facilitated the sale, connecting the seller, a locally based business, with Aedera and SHIFT Capital as the buyers.
