STONEHAM, Mass. — MassHousing has provided a $32.7 million refinancing for Mountain View Terrace, a 194-unit affordable seniors housing community in Stoneham, approximately 10 miles north of downtown Boston.
The borrower is an affiliate of Atlantic Tambone Management, which will use the funds to preserve the community and expand the affordability for at least 31 more years.
Atlantic Tambone Management refinanced Mountain ViewTerrace through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with lender partner 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).
Developed in 1981, Mountain View Terrace was refinanced by MassHousing in 2010, at which time the property was substantially renovated. The 194 units are contained in three five-story apartment buildings and four two-story townhouse buildings. There are 128 one-bedroom apartments, 50 two-bedroom apartments, 10 three-bedroom apartments and six four-bedroom apartments.
All of the units are subsidized by a federal Section 8 Housing Assistance Payment contract, which has been extended by 20 years.