QUINCY, Mass. —Nixon Peabody has arranged two financing transactions for Wollaston Lutheran Housing Corp. to upgrade two of its affordable seniors housing properties in the Boston suburb of Qunicy.
Wollaston Lutheran Housing received a $28.9 million refinancing for the 151-unit Town Brook House. MassHousing provided the 40-year loan. Proceeds of the loan will allow Wollaston to maintain the property and expand services. As part of the transaction, Wollaston leased two parking areas to an adjacent business.
In the second transaction, Wollaston Lutheran Housing received a $19.9 million FHA-insured loan on its 152-unit Fenno House property. Proceeds will provide funds for a rehabilitation of the property, which was built in 1973. Hampden Park Capital originated and underwrote the loan, which ORIX Real Estate Capital provided. The U.S. Department of Housing and Urban Development is providing mortgage insurance, and Curtis Construction Co. is providing general contracting services.
The Nixon Peabody team that arranged the transactions includes Jeff Sacks, Ali Walendziak and Alexander Rosso. Anthony Ruvolo helped the development team address some unique regulatory challenges.