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CHARLESTOWN, Mass. — MassHousing has provided $31 million in financing for City Square Elderly Housing, a 120-unit affordable seniors housing complex in Charlestown, a northern suburb of Boston.
The complex was originally constructed in 1900 and renovated in 1985. Units come in studio and one-bedroom floor plans.
The borrower, CSI Support & Development Services, will use the proceeds to refinance existing debt, fund capital improvements and preserve the property’s affordability status. The loan carried a 35-year term and a fixed interest rate.