Group receives $4.9 million in financing from MassHousing to acquire 30-unit St. Mathieu’s Apartments in Fall River

BOSTON – According to a release, MassHousing has closed on $4.9 million in financing for the acquisition and extension of affordability for 28 years for senior citizens and disabled residents living at the 30-unit St. Mathieu’s Apartments at 221 Wellington Street in Fall River.

St Mathieus Preservation LLC, a joint venture between Aedera Companies and SHIFT Capital, acquired the property with financing through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture program with partner lender Rockport Mortgage Corporation.

The 30 units at the four-story St. Mathieu’s Apartments are subsidized by a federal Section 8 Housing Assistance Payment Contract. As part of the transaction, the property owner executed a new 20-year HAP contract, which will include eight years remaining in the previous contract.

“This financing will not only allow the new owner to preserve this important housing resource for its residents but extend the affordability for nearly three decades to come,” said MassHousing CEO Chrystal Kornegay.

“We are proud to carry forward the legacy of St. Mathieu’s Apartments to provide high-quality housing for residents, and we are grateful for the support of our partners to ensure preservation of the property with affordability protections,” said Alison Carey, founder of Aedera Companies.

Originally built in 1930 as a school, the property was converted to rental housing in 1982. It has 28 one-bedroom apartments and 2 two-bedroom apartments as well as a community room and computer room. The property also offers on-site resident services.

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). HUD provides expedited Federal Housing Administration (FHA) insurance approvals through the MAP program. MassHousing has surpassed $2.5 billion in cumulative MAP lending, and the Agency has built the largest MAP lending program of any state housing finance agency in the nation.

The combination of FHA insurance and a Ginnie Mae guarantee enables borrowers to access taxable mortgage financing with lower interest rates, while preserving and extending affordability for hundreds of low-income individuals, senior citizens, and families. MassHousing provided the new owner with a $4.9 million, 35-year permanent loan.

“Preserving and extending affordability at St. Mathieu’s Apartments ensures that some of Fall River’s most vulnerable residents can remain safely housed in their community,” said Linda Pellegrino, Senior Vice President of Rockport Mortgage. “We’re pleased to partner with MassHousing and St Mathieus Preservation LLC to secure this critical resource for seniors and disabled residents for decades to come.”

Newmark Affordable Housing Advisors, a leading commercial real estate adviser and service provider to institutional investors and owners, facilitated the sale, connecting the seller, a locally based business, with Aedera and SHIFT as the buyer.