Greystone Provides $52.5M Fannie Mae Loan for Quincy Point Apartments in Massachusetts

QUINCY, MASS. — Greystone has provided a $52.5 million Fannie Mae loan as part of a $66 million total financing package for Quincy Point Apartments, a 640-unit affordable housing complex in Quincy. Greystone worked in conjunction with MassHousing to provide a financing structure that included a $66 million MassHousing conduit construction loan with a 17-year Fannie Mae-backed permanent loan and the use of low-income housing credits to help finance the acquisition and rehabilitation of the property. 1000 Southern Artery Renewal Development Limited Partnership, a partnership between Quincy Point Congregational Church Homes Inc., and the National Foundation for Affordable Housing Solutions Inc., acquired Quincy Point Apartments. As a result of the loan structuring, a minimum 90 percent of the apartments will remain affordable to residents earning at or below 60 percent of the area median income for at least 30 years. The owners plan renovations for the property, including exterior improvements, the installation of Energy Star-rated windows and sliding doors, a new fire alarm control panel, high-efficiency boilers and chillers, improved LED lighting throughout the property, and upgrades to the common areas and resident amenities. Individual unit improvements include new kitchens with Energy Star-rated appliances, new high-efficiency baseboard heaters, new bathrooms with low-flow toilets and electrical upgrades.