BOSTON – MassHousing has provided $13.5 million in affordable housing financing to a joint venture consisting of Schochet Companies (Schochet) and Jonathan Rose Companies (Rose) for the preservation of affordability, property renovations and the enhancement of resident services at the 199-unit Riverside Towers for the elderly in Medford.
The property owners plan approximately $9.7 million in renovations, including kitchen and bathroom upgrades, HVAC upgrades, electrical system modernization, common area and accessibility upgrades, and elevator modernization. Added community amenities include a new salon and pet-washing area.
As part of the transaction, the Schochet/Rose venture will implement an enhanced resident services program in partnership with Hebrew Senior Life that will focus on improving health and wellness outcomes and be supported by a part-time Wellness Coordinator, a Wellness Nurse, and Fitness Instructor. A new medical suite will be created to support this additional programming.
“MassHousing is pleased to be a partner in a transaction that will create significant property improvements at Riverside Towers and enhance supportive resident services that will allow senior citizens living at the property to live independently and thrive,” said MassHousing Executive Director Chrystal Kornegay. “The long-term affordability for the residents was extended and the ownership group is committed to modernizing the property and implementing new health and wellness support for the residents.”
MassHousing provided the ownership team with $13.5 million in supplemental affordable housing financing. The property was last refinanced in 2016, with $50.8 million in MassHousing financing. The ownership team has executed a new 20-year HUD Section 8 Housing Assistance Payment contract for the 199 apartments at Riverside Towners, which, when combined with the 13 years remaining on the previous contract, creates an overall extension of affordability of 33 years.
“We are grateful to MassHousing for their support of this important transaction that will allow us to make significant improvements to common areas and apartments while adding a suite of unparalleled services for our residents to remain happy and healthy in their homes as they grow older,” said Richard J. Henken, President and CEO of the Schochet Companies.
Nathan D. Taft, Partner at Rose, added, “Our mission is to create ‘communities of opportunity,’ with access to top-notch services in resilient, green, well-located buildings. Our partnership with MassHousing is making that possible here with leadership from Rick and his team.”
Built in 1979 at 99 Riverside Avenue, Riverside Towers is comprised of 161 one-bedroom apartments and 38 two-bedroom apartments in a 14-story building. The property is managed by the Federal Management Company, Inc., a subsidy of Schochet Companies.
The general contractor will be NEI General Contracting, and the architect is DMS Design, LLC.
MassHousing has financed seven rental housing communities in Medford comprised of 2,458 housing units and $246.4 million in total financing. The agency has provided $114.8 million in mortgage financing to 567 Medford homebuyers and homeowners who refinanced their homes.