MassHousing has announced loan commitments of up to $23.3 million for the refinancing and renovation of the 501-unit Clarendon Hill Towers apartments in Somerville, which will preserve affordability at the city’s largest rental development.
Connolly and Partners LLC, a subsidiary of First Hartford Realty Corp. of Manchester, Conn., and the Clarendon Hill Towers Tenants Association plan to form a partnership to acquire and make substantial renovation to Clarendon Hill Towers, which are located in three high-rise buildings on a six-acre site at 1366 Broadway in Somerville.
The development was in danger of foreclosure if its financial and physical condition was not restored, according to a statement from MassHousing.
"Clarendon Hill Towers is a vital affordable housing resource for the city of Somerville and the low- and moderate-income residents who live there,” said MassHousing Executive Director Thomas R. Gleason. "MassHousing’s financing will help to revitalize Somerville’s largest rental housing development and keep its apartments affordable in perpetuity.”
MassHousing’s loan commitments include up to $17.5 million in permanent financing and a bridge loan of up to $5.8 million.
The contractor will be EH&N Construction Co. and the architect will be Finegold Alexander and Assoc. The management agent will be FHRC Management Corp.
