Colonial Village Apartments
Weymouth, Massachusetts
Project Description
On December 19, 2019, Colonial Village Renewal LLC (the “Company” or “Owner”) closed on the acquisition of Colonial Village Apartments (the “Property”). In conjunction with the acquisition, the Owner elected to complete a low‐income housing tax credit (“LIHTC”) redevelopment. The financing sources used to the complete the acquisition rehab includes 4% LIHTCs acquired by Aegon USA Realty Advisors, LLC, tax‐exempt bonds issued by MassHousing and 4% LIHTCs allocated by Massachusetts Department of Housing and Community Development (“DHCD”), and a permanent mortgage loan from Greystone Servicing Corporation, Inc. Overall, these funding sources will complete a recapitalization of the Property and allow for approximately $3.7MM of redevelopment hard costs.
Summary Rehab: Scope of Work
- Replace existing EIFS façade with new EIFS system
- Repair/patch roof
- Replace all windows
- Install concrete bus parking pad
- Replace exterior lighting with LED lights
- Landscaping improvements
- Replace building signage
- Upgrade key fob entry system and security system
- Upgrade lobby, common area, community room finishes
- Upgrade elevator cab
- Repair and replace unit flooring, cabinets, appliances
- Fire and life safety upgrades
- No. of Units: 89
- Management Agent: Arco Multifamily Mgmt Services, LLC
- Project Based Subsidy: MRVP Contract (expires 12/31/2035)
- % Units Covered by Subsidy: 26%
- Bond/LIHTC Issuer: Massachusetts Housing Finance Agency (MassHousing)
- Debt Financing: Fannie Mae: $35.160MM Senior Loan
- LIHTC Equity Investor: Aegon
