Westminster Village Arms

$94 million HUD Section 223(f) refinance of Westminster Village Arms Apartments, Lowell, MA.

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Westminster Village is a 432-unit development featuring 36 three-story apartment buildings originally constructed in 1970. A Project-Based Section 8 HAP Contract covers 400 of the 432 units. In connection with the loan, the Owner and HUD agreed to terminate the existing Contract and execute a new 20-year HAP Contract pursuant to Option 5 of the Section 8 Renewal Guide.

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The property is owned by Related Companies L.P. and managed by Related Property Management. Related is one of the largest developers, financiers and preservationists of affordable and workforce housing in the country.

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Related refinanced the development through the Rockport Mortgage and MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Program.

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Proceeds of the loan will allow the Owner to complete approximately $20 million in repairs and upgrades at the property, including extensive in-unit upgrades.