SANDWICH, Mass. — MassHousing has provided $6.2 million in financing to Sandwich Senior Housing Corp. The funds will be used to improve the physical plant of Shawme Heights Apartments, an affordable seniors housing community in the Cap Cod town of Sandwich.
The nonprofit Sandwich Senior Housing Corp. refinanced the property through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture program with partner lender Rockport Mortgage Corp.
MassHousing offers the MAP/Ginnie Mae loan program to the owners of rental housing through the U.S. Department of Housing and Urban Development (HUD). HUD provides expedited Federal Housing Administration (FHA) insurance approvals through the MAP program. MassHousing provided the property owner with a $6.2 million, 35-year, permanent loan.
The 44 apartments at Shawme Heights are subsidized by a federal Section 8 Housing Assistance Payment (HAP) contract. As part of the transaction, Sandwich Senior Housing Corp. executed a new 20-year HAP contract, which will include four years remaining on the previous contract, extending affordability at the property for 24 years.
Shawme Heights is a two-story building with 41 one-bedroom apartments and three two-bedroom apartments. Among the improvements slated for the property are unit upgrades; exterior door, window and siding replacement; gutter and downspout replacement; roofing upgrades; elevator upgrades; security camera upgrades; emergency generator replacement; medical alert system upgrades; common-area kitchen upgrade; and common area carpet replacement.
The management agent is C.A.N. Property Management Services LLC.
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