WORCESTER, Mass. — Hunt Real Estate Capital has provided a $7.8 million loan to refinance Emanuel Village Apartments, an affordable seniors housing community in Worcester.
The community features 75 units reserved for the disabled and those over age 62 who meet certain income restrictions.
The community was initially developed in 1991 on a 3.8-acre parcel under the Section 202 program. The Section 202 financing was retired in 2005 with a refinance under the Section 223(f) program, and that loan was retired when the borrower acquired the asset. The new Section 223(f) loan has a 35-year term.
“The borrower acquired Emanuel Village Apartments in mid-2018 and has secured the new loan to retire existing short-term bridge financing and recapitalize the asset for the long term with FHA-insured financing,” says Suzanne Cope, director at Hunt Real Estate Capital.
“The property has historically benefitted from a project based Section 8 HAP contract that covers all 75 of the units,” adds Kevin Deegan, director at Hunt Real Estate Capital. “The HAP contract was assigned and assumed by the borrower upon acquisition, and they have applied for and received a new 20-year HAP contract.”