Prence Grant and Meadowbrook Apartments

$10 million HUD Section 223(f) refinance for Prence Grant and Meadowbrook Apartments, in Marshfield and Carver, MA.

Prence Grant and Meadowbrook Apartments are 70-units of subsidized affordable housing for seniors located on three non-contiguous parcels of land.

Originally constructed as two independent developments under HUD’s Section 202 Direct Loan Program between 1982 and 1984, the properties were combined into a single mortgagor entity as part of a previous refinancing by Rockport Mortgage in 2008.

As part of that transaction, affordability was extended through 2030. This latest transaction was structured in a manner which provided for new 20-year Section 8 HAP contracts, a more favorable interest rate, loan proceeds to refinance the existing debt, capital upgrades to the properties, and full funding of replacement reserves. The restructuring extended the affordability of these senior communities through 2050 and will shore up the properties for the long term.

Prence Grant and Meadowbrook Apartments are owned by a subsidiary of NeighborWorks Housing Solutions (NHS), a 501(c)(3) non-profit and charter member of the NeighborWorks America network, located in Quincy, Massachusetts. They have been managed by HallKeen Management since 2010.