Multifamily Capital Resources, Inc.
Home | Who We Are | Services Offered | Successful Transactions | Contact Us
       
Successful Transactions

 

 

 

Massachusetts

 

Subject Property: Bowdoin Street Apartments
Description: 226 units, HUD Section 221(d)(3), Partial Project-Based Section 8 Rental Assistance
Location: Malden, MA
   
MCR Participation: Preservation and Financing Consultant to Owner

MCR served as primary technical consultant for the purchase of this nonprofit-owned rental community for rehabilitation and the in-perpetuity extension of use restrictions.  New financing and Housing Stabilization Grants were provided by MassHousing.  In addition, local HOME funds were provided by the City of Malden to fund proposed upgrades.  Our office was pleased to provide a full scope of Preservation and Financing services for this transaction, including the start-to-finish processing of new Section 8 Enhanced Vouchers with the Malden Housing Authority, the design and negotiation of use restriction modifications, the organization of multiple tenant orientation meetings, and a special-purpose budget-based rent increase package to fund additional debt service.  MCR compiled and submitted a complete Tenant Income Profile detailing all household employment and household size data, and a formal application for new Section 8 Enhanced Vouchers (EVs) to protect previously unassisted residents from adverse impact related to the Preservation Restructuring of this vital affordable housing resource.


Subject Property: Brighton Gardens Apartments
Description: 62 units, MassHousing Section 236
Location: Boston, MA
   
MCR Participation: Preservation and Financing Consultant to Owner

MCR served as primary technical consultant for the close of new financing for this 62 unit Section 8 Assisted property using MassHousing's Friendly Prepayment Program.  Our office was pleased to provide a full scope of Preservation and Financing services for this transaction, including the start-to-finish processing of new Section 8 Enhanced Vouchers with the Boston Housing Authority, the design and negotiation of use restriction modifications, the organization of multiple tenant orientation meetings, and the compilation of a One-Stop MassHousing financing application.  MCR worked closely with the project owner, HUD and MassHousing through all stages of the approval process to a successful closing for this complex restructuring effort.


Subject Property: Cedar Glen
Description: 114 Units, Pre-1981 Section 8, Elderly, Difficult Development Area
Location: Reading, MA
   
MCR Participation: Affordability/Development Consultant to Seller

Cedar Glen is an elderly apartment community located on 15 acres with four buildings containing 114 units located just outside of downtown Reading, MA. Our office was pleased to provide a full scope of Preservation and Financing services for this transaction, including the start-to-finish turn-key design and negotiation of use restriction modifications, transactional representation at meetings with local, state, and federal housing officials, and with the organization of tenant orientation sessions. MCR also compiled and submitted a complete Tenant Income Profile detailing all household employment and household size data ensuring optimum input for underwriting and client profitability in support of their planning to extend affordability at this rent-assisted community.


Subject Property: Charles Newtown Apartments
Description: 262 units, HUD Section 236 Tenant Cooperative, Full Project-Based Section 8 Rental Assistance
Location: Boston, MA
   
MCR Participation: Preservation and Financing Consultant to Owner.

MCR served as primary technical consultant for the restructuring of this tenant-owned 100% Section 8 assisted community located in one of the most expensive neighborhoods of the City of Boston.  Working directly with the non-profit Board of Directors and their development partner over a two year period, MCR assisted in refinancing the HUD Section 236 mortgage with new MassHousing financing utilizing the IRP Decoupling program.  In addition, MCR compiled a special-purpose non-profit rental increase for non-profits seeking to implement capital improvements, and served as project representative in all interactions with the Boston HUD office and MassHousing until the successful close of the transaction.


Subject Property: Chestnut Glen
Description: 130 Units, Post-1981 Section 8, Elderly
Location: Abington, MA
   
MCR Participation: Affordability/Development Consultant to Seller

With 130 units in two buildings Chestnut Glen is an elderly apartment community situated on 10 acres in Abington, MA. This Affordability Restricted rental community is a vital part of this high demographic area of Abington and was sold by MCR's client for extended affordability. MCR guided the seller through a mark-to-market transaction using new specialty rent increase procedures and offered ongoing regulatory guidance to the development team through to closing.


Subject Property: Clarendon Hill Towers
Description: 501 units, HUD Section 221(d)(3), Partial Project-Based Section 8 Rental Assistance
Location: Somerville, MA
   
MCR Participation: Preservation and Financing Consultant to Owner

MCR served as primary technical consultant for the restructuring of this tenant-owned partially Section 8 assisted community located just north of Boston, Massachusetts.  Working directly with the non-profit Board of Directors and their development partner over a two year period, MCR assisted in a further refinancing of this 1990 prior Title II Preservation project utilizing new tax-exempt financing and 4% Low Income Housing Tax Credits (LIHTCs).  Combined sources funded a much needed substantial rehabilitation plan.  MCR served as lead consultant, compiling a special-purpose Option 5 rental increase package, complete Tenant Profile of incomes and household sizes, and served as project representative in all interactions with the Boston HUD office and MassHousing until the successful close of the transaction.


Subject Property: Conway Court
Description: 28 Units, 13A (1975), Family, Difficult Development Area
Location: Roslindale, MA
   
MCR Participation: Affordability/Development Consultant to Seller

Conway Court is a family apartment community of two buildings with 28 units in the Roslindale neighborhood of Boston. The property had a 13A Regulatory Agreement that covered the majority of the units; with the remaining units being subject to the Massachusetts Rental Voucher Program (MRVP). MCR guided the seller through the complex transaction using new specialty rent increase procedures and affordability restrictions to insure viability of the property for generations to come.


Subject Property: Glen Grove
Description: 125 units, Pre-1981 Section 8, Elderly, Difficult Development Area
Location: Wellesley, MA
   
MCR Participation: Affordability/Development Consultant to Seller

Glen Grove is an elderly apartment community with 125 units in two buildings on a 3.6 acre site in downtown Wellesley, MA. This Affordability Restricted rental community is a vital part of this high cost demographic area. Maximizing the client's profitability on this mark-to-market opportunity, MCR guided the seller through the transaction using new specialty rent increase procedures and affordability restriction modifications to insure viability of the property for generations to come.


Subject Property: Gosnold Grove
Description: 33 Units, Pre-1981 Section 8, Family
Location: East Falmouth, MA
   
MCR Participation: Affordability/Development Consultant to Seller

This 33-unit family rental property in East Falmouth, MA was sold by MCR's client for extended affordability and substantial rehabilitation. In support of the transaction, MCR provided the seller with a package of specialty affordability consulting services including HUD Rent Processing, cash flow analysis and transaction structuring. In addition, MCR staff represented the owner in person at all local affordable housing officials in halls of local government.


Subject Property: Heritage Green
Description: 130 Units, Pre-1981 Section 8, Elderly/Family
Location: Fiskdale, MA
   
MCR Participation: Affordability/Development Consultant to Seller

Heritage Green is multi-generational property providing 130 units of elderly and family affordable housing on a 24 acre site in Fiskdale - (Sturbridge), MA. This Affordability Restricted rental community is a vital part of this high demographic area and was of much concern to local housing officials. MCR worked with the local community on behalf of the seller to offer assurances of the shared goal that the property be developed for continued affordability.

MCR provided a package of affordability consulting services in support of the transaction and provided regulatory support through to the close of sale.


Subject Property: Jaclen Towers
Description: 100 Units, Section 236, Elderly, Difficult Development Area
Location: Beverly, MA
   
MCR Participation: Affordability/Development Consultant to Seller

Jaclen Tower is a high-density elderly apartment community of 100 units in one mid-rise building in Beverly, MA. Prior to sale, the property was subject to a Section 236 Regulatory Agreement covering all 100 units. The contract also provided an annual IRP Subsidy to offset interest payments through expiration of the first mortgage. In support of the transaction, MCR provided the seller with a full scope of Preservation and Financing services, including assistance in negotiating new local government use restriction modifications, a tenant profile and tenant impact survey.


Subject Property: Longfellow Glen
Description: 120 Units, Post-1981 Section 8, Elderly/Family, Difficult Development Area
Location: Sudbury, MA
   
MCR Participation: Affordability/Development Consultant to Seller

For this property, the client needed a consulting solution that would maintain the vitality and affordability of this assisted rental community. After considering all options, the client decided upon the sale of this 22 acre, 120 unit elderly complex for extended affordability to another qualified affordable housing developer. Working as consultant to the sellers of this rental community, MCR provided initial deal sizing and transaction planning consultations, guiding the seller through the required new specialty rent increase procedures and affordability restrictions, preserving affordability at the property for generations to come.


Subject Property: Nehoiden Glen
Description: 61 Units, Pre-1981 Section 8, Elderly, Difficult Development Area
Location: Needham, MA
   
MCR Participation: Affordability/Development Consultant to Seller

The ultimate success of this high value extended affordability transaction hinged upon MCR's consulting regarding critical community impact and profitability analysis, including for a apossible alternative use as a Chapter 40B condo conversion project combined with some assisted rental.

However, after consideration of all possibilities, MCR recommended and processed for the client a full Option 4 Section 8 Contract Renewal for "Projects Exempted from OAHP", provided initial deal sizing and structure consultations, and organized and led tenant meetings regarding this important Preservation transaction. As a result, the property was sold for extended affordability and will continue to provide 61 units of affordable housing for current and future elderly residents of the Needham, MA community for 60 additional years.


Subject Property: Noonan Glen
Description: 18 Units, Post-1981 Section 8, Elderly, Difficult Development Area
Location: Winchester, MA
   
MCR Participation: Affordability/Development Consultant to Seller

Noonan Glen provides elderly residents of Winchester, MA, 18 units of affordable housing in one building on almost 2 acres of land. Located in this affluent and high cost rental area, the owner needed a true turnkey solution for positioning the property for sale to another qualified affordable housing developer better positioned to carry forward required improvements and continue in the provision of assisted rental opportunities for low income seniors.

MCR was pleased to provide a package of specialty affordability consulting services to the seller in support of this transaction including HUD Rent Processing, cash flow analysis and transaction restructuring reviews. MCR also represented the owner in all meeting with local affordable housing officials through to a successful sale and restructuring.


Subject Property: Norton Glen
Description: 150 Units, Post-1981 Section 8, Family
Location: Norton, MA
   
MCR Participation: Affordability/Development Consultant to Seller

With 26 buildings on 28 acres located in an upscale demographic, the owner of Norton Glen had a clear opportunity upon expiration of existing use restriction to use HUD's Mark-to-Market program to provide continued opportunities for affordable housing for their 150 family units upon close of sale. MCR served as the primary technical consultant to the seller for the restructuring of this 100% Section 8 assisted community for extended affordability and provided the buyer with a full scope of preservation and financing services, including a tenant profile and tenant impact survey. MCR also worked closely with the buyer, HUD's Boston Office, and MassHousing through all stages of the approval process.


Subject Property: Old Mill Glen
Description: 50 Units, Post-1981 Section 8, Family, Difficult Development Area
Location: Maynard, MA
   
MCR Participation: Affordability/Development Consultant to Seller

Located on an 8-acre site in Maynard, MA, Old Mill Glen is a family apartment community with 50 units spread throughout four buildings. This Affordability Restricted rental community is a vital part of this high demographic area of Maynard. MCR guided the seller through this Preservation sale transaction using new specialty rent increase procedures and consultations regarding state and federal affordability use restrictions, resulting in the successful sale of the property for rehabilitation and 60 years of extended affordability protections.


Subject Property: Pond View Apartments
Description: 60 units, HUD Section 236, Full Project-Based Section 8 Rental Assistance
Location: Boston, MA
   
MCR Participation: Preservation and Financing Consultant to Seller

After six months of extensive negotiations had reached an impasse, MCR was called upon to serve as transactional representative for the seller, a small family concern with limited experience in the operation of HUD-regulated assisted housing.  After convincing the nonprofit Jamaica Plain Community Development Corporation, to renew acquisition plans, MCR was able to negotiate the terms of a Purchase and Sales Agreement acceptable to all parties, resulting in the sale of the property for substantial rehabilitation and extended affordability using MassHousing's Friendly Prepayment Program and 9% Low Income Housing Tax Credits (LIHTCs).  MCR provided ongoing technical consultations throughout the year-long restructuring effort, representing the seller at all HUD and MassHousing technical meetings until the close of the transaction.


Subject Property: Pufton Village IV Apartments
Description: 64 units, HUD Section 236, Partial Project-Based Section 8 Rental Assistance
Location: Amherst, MA
   
MCR Participation: Development Consultant to Seller for Prepayment of Section 236 Mortgage and Enhanced Vouchers

This project was the only affordability-restricted portion of a four phase multifamily community popular with student renters attending the nearby University of Massachusetts at Amherst (UMASS).  The seller of this 64 unit FHA Section 236 property utilized market-rate financing for the property's conversion to market-rate status.  MCR provided the buyer with initial due diligence and deal structuring advice, compiled a specialized rent increase on their behalf, provided ongoing HUD program and refinancing technical assistance and represented the owner in various meetings with local and state officials during the planning process.


Subject Property: Redwood Terrace
Description: 151 units, HUD Section 221(d)(3)
Location: Lowell, MA
   
MCR Participation:

Preservation and Enhanced Voucher Consultant to Seller

Previously known as Princeton Village, this aged Section 221(d)(3) townhouse style rental community was acquired by the client for substantial rehabilitation and extended affordability using Preservation programs offered by HUD, MassHousing, and the Massachusetts Department of Housing and Community Development (DHCD).  MCR was called upon to provide turnkey rent increase processing, tenant meeting organization, Enhanced Voucher processing and regulatory guidance until the successful close of this transaction for in-perpetuity affordability.  Sources for the purchase and upgrade effort included new taxable-rate financing from MassHousing and 9% Low Income Housing Tax Credits (LIHTCs) from the DHCD.


Subject Property: Richard's Apartments
Description: 54 units, MassHousing Section 236
Location: Webster, MA
   
MCR Participation: Preservation Restructuring with Tax-Exempt Financing and 4% LIHTCs Consultant to Buyer

Located in Central Massachusetts, this aging FHA Section 236 property was acquired by the buyer for substantial rehabilitation and extended affordability using new tax-exempt financing from MassHousing and 4% Low Income Housing Tax Credits (LIHTCs) from the Massachusetts Department of Housing and Community Development (DHCD).  In order to benefit from remaining Section 236 Interest Rate Payment (IRP) loan subsidies, the owner utilized HUD's Section 236 IRP Decoupling Program.  MCR structured this transaction and achieved a first in the nation waiver of IRP rules allowing a Limited Distribution buyer to access the full IRP subsidy (rather than a small portion) towards future MassHousing loan payments, a decision which later became common HUD policy.  MCR provided acquisition structuring advice critical to the buyer's purchase, worked with the local Housing Authority and elected government officials to gain approvals, and compiled a special-purpose rent increase for the buyer, gaining full support of residents after sponsoring two MCR tenant meetings at the site.


Subject Property: Sherwood Park Apartments
Description: 81 units, HUD Section 221(d)(3), Partial Project-Based Section 8 Rental Assistance
Location: Framingham, MA
   
MCR Participation: Preservation Consultant to Owner for Section 223(f) Restructuring

MCR served as primary technical consultant for the restructuring of this 40 year old partially rent-assisted property located in the expensive rental market of Framingham, MA.  Our office served as primary restructuring consultant for the refinancing of the property using HUD's Section 223(f) mortgage program.  The existing project-based Section 8 contract was renewed under HUD's Mark-Up-To-Market (MUTM) program and MCR's application to HUD's Boston Office for new Section 8 Enhanced Vouchers for all qualified residents was approved prior to closing.  MCR sponsored two tenant meetings and carried out all negotiations with the Framingham Community Development office regarding the expansion of affordability protections for current residents.


Subject Property: Spring Gate Apartments
Description: 204 units, HUD Section 236
Location: Rockland, MA
   
MCR Participation: Preservation Restructuring with 9% LIHTCs Consultant to Buyer

Prior to acquisition of this aged MassHousing Section 236 project formerly known as Rockland Place Apartments, local authorities recognized it as a center of drug dealing and other illegal activity.  Owned by a California partnership with no local presence, the local community recognized that the buyer was in a better position to improve living standards and cooperated fully with a Preservation restructuring effort funded by new MassHousing taxable-rate financing and an allocation of 9% Low Income Housing Tax Credits (LIHTCs).  Existing project-based Rent Supplement Assistance and project-based Massachusetts Rental Voucher Program (MRVP) vouchers were also retained and extended as part of this effort to ensure that all 204 units remained affordable to residents in need in-perpetuity.  In support of the transaction, MCR provided the buyer with a full scope of Preservation and Financing services for this transaction, including assistance in negotiating new local government use restriction modifications, the compilation of a full One-Stop loan application, a Tenant Profile tenant impact survey, and a MassHousing form of budget-based rent increase.  MCR worked closely with the buyer, the tenant association, HUD's Boston Office, and MassHousing through all stages of the approval process.


Subject Property: Summerhill Glen
Description: 120 Units, 13A (1975), Elderly, Difficult Development Area
Location: Maynard, MA
   
MCR Participation: Affordability/Development Consultant to Seller

Summerhill Glen is an elderly apartment community of 120 units located on 10 acres in Maynard, MA. Unsure of the potential for redevelopment using state and federal resources, the seller engaged MCR to provide a complete redevelopment analysis that served to guide the seller's negotiation for the sale of the property to a qualified nonprofit developer.

MCR provided additional transaction consultations through to closing regarding existing Chapter 13A and Massachusetts Rental Voucher Program (MRVP State of Massachusetts Rental Voucher Program) and also represented the sellers at meetings with local housing officials. As a result of this restructuring, affordability for this vital affordable housing resource was extended for sixty years.


Subject Property: Tammy Brook Apartments
Description: 90 units, HUD Section 221(d)(3), Partial Project-Based Section 8 Rental Assistance
Location: Weymouth, MA
   
MCR Participation: Enhanced Voucher Processing Consultant to Owner

Having executed a Title II Preservation Plan of Action (POA) with HUD nearly twenty years before, the owners sought to refinance the property to fund improvements.  As part of that process, rents were increased to market levels and those residents not benefiting from the partial project-based Section 8 contract were protected against adverse impact through the issuance of new Section 8 Enhanced Vouchers.  MCR served as Enhanced Voucher consultant to the owner, providing ongoing technical support to Weymouth Housing Authority staff and management team members until full approval and implementation.  MCR also provided a tenant information session to insure all potentially qualified unassisted residents fully understood their rights to receive new Section 8 Enhanced Vouchers.


Subject Property: Walden Square Apartments
Description: 240 units, HUD Section 236
Location: Cambridge, MA
   
MCR Participation: Preservation, Section 236 Rent Increase, and Enhanced Voucher Consultant to Buyer

After 25 years of operation as rent-restricted rental housing, the project was sold to a Limited Distribution buyer for a much needed substantial rehabilitation plan and the extension of affordability restrictions.  Working closely with the Tenant Organization's own technical consultant, MCR assisted the buyer in formulating a restructuring plan using HUD's Section 236 Interest Rate Payment (IRP) Decoupling Program, MassHousing's Friendly Prepayment Program, 9% Low Income Housing Tax Credits (LIHTCs), Massachusetts Housing Stabilization Grants and other local resources.  Our office was pleased to provide the buyer with a full scope of Preservation and Financing services for this transaction, including the processing of new Section 8 Enhanced Vouchers (EVs) with the Cambridge Housing Authority, assistance in negotiating new local government use restriction modifications, and the direct presentation of buyer proposals at tenant and local government organization meetings.  MCR worked closely with the buyer, tenant association, HUD's Boston Office, and MassHousing through all stages of the approval process.


Subject Property: Wilkins Glen
Description: 103 Units, 13A (1974), Family, Difficult Development Area
Location: Medfield, MA
   
MCR Participation: Affordability/Development Consultant to Seller

Medfield, MA is the hometown to the 103 families at Wilkins Glen. The property was covered by a 40B/13A Regulatory Agreement with the State of Massachusetts restricting affordable occupancy for a majority of project units. The remaining are subject to the rules of the Massachusetts Rental Voucher Program (MRVP). The combination of these covenants serve to restrict access to the entire project to only eligible moderate and low-income families. MCR guided the seller through the transaction which included the processing of specialty rent increase packages submitted as part of the buyer's plans to extend affordability and rehabilitate the property for long term affordability.


Subject Property: Wollaston Manor
Description: 164 units, HUD Section 236 Elderly Restricted
Location: Quincy, MA
   
MCR Participation: Preservation, Section 236 Rent Increase, and Enhanced Voucher Consultant to Buyer

Wollaston Manor is 164 unit elderly-restricted rental property.  This mid-rise property was upgraded for in-perpetuity affordability in 2001 using 9% Low Income Housing Tax Credits (LIHTCs), new taxable-rate financing from MassHousing, and local HOME grants awarded by the City of Quincy to assist in funding long deferred capital improvements.  Our office supported the buyer in this effort by providing a full scope of Preservation and Financing services for this transaction, including the processing of new Section 8 Enhanced Vouchers (EVs) with the Quincy Housing Authority, the organization and presentation of progress updates to the tenant association, and ongoing technical consultations until final closing.