Risk Sharing Preservation Projects Included in Mass. Bond Sale.

Bond rating PR is HERE.

"The 2009 series C bond proceeds will be used to fund all or a portion of the financing for three multifamily properties (Clarendon Hill Towers Apartments, Litchfield Terrace and Appleton Mills Redevelopment). All of the loans will be insured under the HUD/HFA Risk Sharing Program, two of the loans will be at the 90%/10% tier and one loan will be at the 50% tier.

The largest loan in this financing is for Clarendon Hill Towers Apartments which is a 501-unit development located in Somerville, MA.
The property, which was originally developed in 1966, is in need of substantial rehabilitation; its mortgage will be insured under the HUD Risk Sharing Program at the 90%/10% tier. A second loan will be originated to fund the acquisition and rehabilitation of Litchfield Terrace, a 216-unit project located in Leominster, MA that was built in 1973. MassHousing intends to insure the first mortgage loan under the Risk Sharing Program at the 90%/10% tier as well. The third loan will consist of a small mortgage loan that will provide a portion of the funds needed to finance the acquisition, historic rehabilitation and conversion of Appleton Mills Redevelopment. This is a 90-unit project located in Lowell, MA and is specifically intended for artist tenants.