Allen Park Apartments I and II

$20 million HUD Section 223(f) refinance for Allen Park I and II, Springfield, MA.

Allen Park Apartments consists of two separate and contiguous land parcels now under a single ownership entity. The property contains 264 units across seventeen multifamily residential unit buildings. The buildings were constructed in two phases in 1970 and 1972.

Allen Park Apartments benefit from two Option 2 Project-Based Section 8 HAP Contracts that cover 208 of the 264 units.  The Contracts went into effect on January 1, 2024, and run for a period of 20 years, expiring on December 31, 2043. The Contracts include a Preservation Exhibit, which will require the owner to renew at the end of the 20-year term for an additional six years (the remaining term of the previous Contract).

Proceeds of the loan were used to pay-off existing debt as well as fund repairs and improvements at the property.