Major renovations launched in $34M deal for Franklin Highlands

Banker & Tradesman reports that MassHousing recently closed on $34.4 million in financing for the Franklin Highlands community in Roxbury and Dorchester.

Franklin Highlands Renovation in B&T“We are very pleased to complete this transaction with Maloney Properties and the Franklin Park Development Tenants Association,” MassHousing Executive Director Tim Sullivan said in a statement. “MassHousing is committed to creating quality affordable housing opportunities for the residents of Massachusetts, and this refinancing advances that mission by unlocking an extensive property modernization, and extending long-term housing affordability for hundreds of lower-income families in Dorchester and Roxbury.”

Maloney Development LLC and the Franklin Park Development Tenants Assoc. will undertake $32 million in extended property renovations including: extensive masonry repairs to exterior walls, new roofs, repairing and replacing windows, upgrading HVAC and electrical systems, expanding a community center and making general interior improvements.

Read the full article at BankerAndTradesman.com.

Maloney Development LLC develops highly successful multi-family residential and commercial properties under our own account and through public private partnerships. We specialize in the successful planning and execution of  well-conceived, socially impactful real estate development ventures that often involve significant complexity.

The Franklin Park Development Tenants Association (FPDTA) works to enhance the quality of life for its affordable housing residents and the surrounding community. Established in 1992, FPDTA advocates and advances the interests of its resident population, and acts as a community building agency that promotes empowerment for individuals and families through an array of economic development, education, technology, and human services initiatives.

MassHousing is an independent, quasi-public agency created in 1966 and charged with providing financing for affordable housing in Massachusetts. The Agency raises capital by selling bonds and lends the proceeds to low- and moderate-income homebuyers and homeowners, and to developers who build or preserve affordable and/or mixed-income rental housing. MassHousing does not use taxpayer dollars to sustain its operations, although it administers some publicly funded programs on behalf of the Commonwealth. Since its inception, MassHousing has provided more than $20 billion for affordable housing.