$26.4 million refinancing package will fund property upgrades and extend affordability for decades
BOSTON — Senior residents living at Beacon House in Boston’s Beacon Hill neighborhood will benefit from major property improvements and a long-term extension of affordable housing protections through a new $26.4 million financing package from MassHousing.
MassHousing announced Monday that it has closed financing for the refinancing and renovation of the 135-unit senior housing community owned by nonprofit Rogerson Communities. The transaction was completed through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture program in partnership with Rockport Mortgage Corporation.
The refinancing will support approximately $5 million in property improvements while extending affordability protections for residents for nearly three decades.
“MassHousing is excited for the residents of Beacon House who will have long-term affordability and see improvements to the property while still being able to enjoy all the benefits and amenities of living in their neighborhood,” said MassHousing CEO Chrystal Kornegay in a statement. “We were pleased to partner with Rogerson Communities to preserve and upgrade this important source of senior affordable housing in Beacon Hill.”
Beacon House, located on Myrtle Street, was originally converted from a hotel into apartments in 1983. The eight-story building includes 117 residential units for residents age 55 and older, along with 18 units leased to Massachusetts General Hospital for patients and family members.
The property also features community amenities including two community rooms, a rooftop deck, a first-floor patio, fitness facilities, common seating areas, laundry facilities, and commercial retail spaces on the ground floor.
Of the 117 residential units, 85 are subsidized through a federal Section 8 Housing Assistance Payment contract for residents earning up to 50% of the Area Median Income. As part of the refinancing agreement, the property owner executed a new 20-year Housing Assistance Payment contract that, combined with the remaining eight years on the current agreement, extends affordability protections for 28 years.
The remaining units are income-restricted through an agreement with the City of Boston. Fifteen units are reserved for households earning up to 120% of the Area Median Income, while 16 units are restricted to households earning up to 80% of AMI.
Rogerson Communities President and CEO Walter Ramos said the refinancing will allow the organization to modernize the property while continuing to serve older adults in the city.
“Beacon House is a shining example of what quality affordable homes for older adults in Boston could be,” Ramos said. “This refinancing will allow us to begin some exciting renovation and upgrade work and continue to raise the bar on Beacon Hill. We are grateful to MassHousing for helping us deliver on our mission.”
Planned upgrades include accessibility improvements, life safety enhancements, masonry repairs, window replacement, HVAC and boiler upgrades, roof replacement, fire safety system improvements, and renovations to common areas.
MassHousing provided Rogerson Communities with a 35-year permanent loan through the MAP/Ginnie Mae program, which combines Federal Housing Administration insurance with a Ginnie Mae guarantee to help borrowers secure lower-interest financing while preserving affordable housing.
Dan Lyons, president of Rockport Mortgage, said the project will help ensure long-term housing stability for older residents in one of Boston’s most historic neighborhoods.
“Preserving and extending affordability at Beacon House ensures that older adults can continue to call one of Boston’s most iconic neighborhoods home for decades to come,” Lyons said. “We’re proud to partner with MassHousing and Rogerson Communities to deliver meaningful property improvements that will allow this senior community to thrive for years to come.”
