QUINCY, Mass. — Nixon Peabody LLP has negotiated a Green & Resilient Retrofit Program (GRRP) transaction for Bauer House, a seniors housing community in the Boston suburb of Quincy.
Wollaston Lutheran Church owns the property. The transaction also involved a Rental Assistance Demonstration (RAD) conversion and FHA-insured Section 223(f) loan originated by Hampden Park Capital and made by Lument Real Estate Capital.
Bauer House, a subsidized residence for independent seniors, will use the GRRP funds and FHA-insured loan proceeds to finance a new energy-efficient HVAC system and to make accessibility improvements to the property.
The U.S. Department of Housing and Urban Development (HUD) launched GRRP as part of the Inflation Reduction Act of 2022 to provide funding for projects that improve energy or water efficiency, enhance indoor air quality or sustainability, implement the use of zero-emission electricity generation or low-emission building materials or processes, energy storage or building electrification strategies, or address climate resilience.
The Bauer House GRRP grant was awarded as part of HUD’s GRRP Elements program, supporting current recapitalization transactions by providing funding for efficiency and resilience investments to add to rehabilitation projects in their final planning stages.