MassHousing Commits $3.9M in Loans to Two Residential Complexes

FITCHBURG, MA-MassHousing, the state’s affordable housing bank, made $3.9 million in loan commitments to apartment complexes here and in Lowell. The agency committed the loans to enable the projects to preserve the affordability of their units.

A two-million dollar financing commitment was made for the 74-unit Hotel Raymond and a $1.9 million loan commitment was made to the 34-unit Majestic Apartments in downtown Lowell.

MassHousing made the commitment to C/S Hotel Raymond LLC for the acquisition, rehabilitation and ownership of the Hotel Raymond. In exchange for the financing, the owners will keep all 74 units affordable for at least 40 years. Robert Evans, executive vice president of Cornerstone Corp., the developer of the hotel, says that without MassHousing’s assistance the complex would not have been able to preserve its affordability.

Hotel Raymond is located at 35 Day St. The development, which was converted from a rooming house in 1978, consists of three interconnected three-story buildings with elevators. There are 60 one-bedroom units, 11 two-bedroom units, and three three-bedroom units.

MassHousing made a commitment to Peabody Majestic Limited Partnership for the acquisition and rehabilitation of Majestic Apartments. In exchange for the financing, the owners will keep 97% of the units in the development affordable. Majestic Apartments is a five-story brick and masonry building consisting of four studio and 30 one-bedroom apartments. Edward A. Fish, Associates is the developer of the project.