Madison Park Development Corp. has obtained a $33.1 million loan for preserving the affordability of Haynes House. The 131-unit community in Roxbury, Mass., will also undergo a rehabilitation process.
MassHousing is providing MPDC with a $9 million construction and permanent loan, a $21.4 million bridge loan and $2.7 million from an opportunity fund, as part of the effort to refinance Haynes House following the maturation of the Section 13A loan. The transaction also includes $17.2 million in federal low-income housing tax credit equity from the Massachusetts Department of Housing and Community Development, $4.3 million in Section 13A financing from DHCD, a $13.3 million seller note and a $1.7 million deferred developer fee.
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