Quincy Point Apartments

Quincy, Massachusetts

Project Description

On December 30, 2014, 1000 Southern Artery Renewal, Limited Partnership (the “Partnership” or “Owner”) closed on the  acquisition of Quincy Point 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 Wells Fargo Affordable Housing Community Development Corporation, tax‐exempt bonds issued by the  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 $31.9MM of redevelopment hard costs. 

Summary Rehab: Scope of Work

  • New roofs on all three buildings (white TPO roof membrane)
  • Replace and refurbish balcony railings and exterior decks
  • Replace all windows and install new glass curtain wall in  center of North Wing
  • Replace entry doors and hardware
  • Install new countertops, cabinets, appliances, flooring,  microwaves in kitchens
  • Re‐glaze all tubs and install new toilets, vanities, and flooring  in bathrooms
  • Replace oil‐fired boilers, rooftop bathroom exhaust fans, and  sprinkler heads
  • New underground irrigation system
  • Heated concrete walkways to and from the building