Valebrook Associates has secured a $19.5 million loan for the refinancing of the 151-unit Valebrook Apartments, an affordable housing community in Lawrence, Mass. MassHousing, together with lender partner Rockport Mortgage Corp., provided the 35-year, permanent financing through the Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative. The transaction will extend the property’s affordability for at least 29 years. The majority of units are age-restricted.
Specifically, Valebrook Associates signed a new 20-year, Section 8 Housing Assistance payment contract for 150 of the community’s apartments, which will add up to the nine years remaining from the previous contract. Yardi Matrix data shows the owner had previously taken out $8.8 million in MassHousing subsidies in 2011.
In total, MassHousing has financed 13 Lawrence communities totaling 1,507 units, with an original $178.3 million loan, according to a release. One of the beneficiaries was Trinity Financial, which received a $26.9 million financing package in January for 608 Broadway, an 87-unit affordable housing project.
A suburban Boston community
Completed in 1980, Valebrook has 135 one- and two-bedroom senior housing units averaging 680 square feet, as well as 16 family townhome apartments of 1,210 and 1,500 square feet, according to Yardi Matrix data. Amenities include a community room and two laundry facilities. Shoreline Corp. is the property’s manager.
Located at 11 Summer St., the community is some 30 miles north of downtown Boston, just west of Lawrence General Hospital. Several shopping, dining and entertainment options are available within 1 mile west of the property. Interstate 495 is 1 mile east.