MassHousing Provides $12.4 Million Affordable Housing Financing for St. Mary’s Plaza in Suburban Boston

by Kari Lloyd

LYNN, MASS. — MassHousing has provided $12.4 million in affordable housing financing to St. Mary’s Plaza Inc. for 99-unit St. Mary’s Plaza in Lynn, a northern suburb of Boston. The transaction will extend affordability protections for at least 25 years, as well as involve approximately $1.4 million in property improvements.

As part of the transaction, St. Mary’s Plaza Inc. has executed a new 20-year HUD Section 8 Housing Assistance Payments contract for 98 of the 99 apartments at St. Mary’s Plaza. The new contract will include five years remaining on the previous contract for an overall extension of affordability of 25 years. The remaining unit on the property is reserved for management staff.

St. Mary’s Plaza was refinanced through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corporation for the 35-year permanent loan. MassHousing has surpassed $2 billion in cumulative MAP lending and the agency has built the largest MAP lending program of any state housing finance agency in the nation.

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