Van der Heyden Apartments in Springfield, Massachusetts

MassHousing Brokers $13.3 Million for Van der Heyden Apartments in Springfield, Massachusetts

by Channing Hamilton

SPRINGFIELD, MASS. — MassHousing has arranged $13.3 million in affordable housing financing for the acquisition and renovation of Van der Heyden Apartments in Springfield. The borrower, a partnership comprising Van der Heyden Apartments Limited Partnership and Paul Oldenburg, secured $9.9 million in construction financing and $3.4 million in construction and permanent financing. MBL Housing and Development was the project consultant. The general contractor is N.L Construction. The architect is Studio One. The management agent is Valley Real Estate.

Additionally, the Massachusetts Executive Office of Housing and Livable Communities provided $8.5 million in equity financing, as well as $1 million in direct support from EOHLC. The Affordable Housing Trust Fund provided $1 million in funding. The city of Springfield provided $50,000. The project also received $4.3 million in historic tax credit equity financing. The tax credit syndicator and investor is the Massachusetts Housing Investment Corporation.

Van der Heyden Apartments was built in 1914. Of the total 45 apartments, 18 units are restricted to households earning up to 30 percent of the area median income (AMI) and 27 are restricted to households earning at or below 50 percent of AMI. Units come in one- and two-bedroom floor plans. The property owner plans to spend $9 million on renovating the property over the next 12 months. Planned renovations include masonry repairs, roof replacement, window replacement, interior upgrades, new boilers and plumbing, heating and electrical improvements.

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