LOWELL, MASS. — MassHousing has provided a $94 million 35-year permanent loan for the refinancing of Westminster Village Arms, a 432-unit affordable housing complex in Lowell, 30 miles northwest of Boston. The funds will be used to preserve the community’s affordable housing component and to carry out approximately $20 million in property improvements.
Related Affordable refinanced the property through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture program with partner lender Rockport Mortgage Corp. The MAP/Ginnie Mae loan program provides expedited Federal Housing Administration insurance approvals. MassHousing offers program through HUD.
Westminster Village Arms consists of 36 three-story buildings and a maintenance building. The property was originally constructed in 1970 and renovated in 2012. The unit mix consists of 36 studios, 180 one-bedroom units, 198 two-bedroom apartments and 18 three-bedroom residences. Amenities include a pool, basketball court, playground, laundry facilities in each building, a business center and community room with a kitchen.
The complex is restricted to households earning up to 60 percent of the Area Median Income for at least 19 years. Additionally, 400 units are subsidized by a federal Section 8 Housing Assistance Payment contract that will be renewed for 20 years.
Planned renovations include ADA upgrades, deck repair and replacements, electrical upgrades, security upgrades, lighting upgrades, exterior site work improvements and parking lot repairs. The common area flooring, unit flooring, sliding glass doors, windows, unit kitchens and bathrooms, 14 roofs and unit air conditioning units will be replaced.
The general contractor on the project is Keith Construction. D.A. Kinsella Co. is the architect. Related Management Co. provides management services for the property.