Maloney Development Celebrates Start of Revitalization of Holyoke Farms
Pictured left to right: Michelle Moriarty, representing State Senator Donald Humason; Mark Teden, Vice President of Multifamily Programs for MassHousing; Janet Frazier, President | CEO of Maloney Properties, Inc.; Felicia Jacques, Managing Director of Maloney Development LLC; Sonia Badillo, President of the Whiting Farms Tenant Association; Aaron Vega, State Representative; Holyoke Mayor Alex Morse and Governor Charlie Baker.
WELLESLEY, MA – (September 5, 2019) – Maloney Development LLC, an entity of Maloney Properties, Inc., celebrates the beginning of construction on the revitalization of Holyoke Farms, a large-scale mixed-income community in the Whiting Farms neighborhood of Holyoke, MA. In partnership with the Massachusetts Department of Housing and Community Development, the City of Holyoke, MassHousing, and Whiting Farms Tenant Association (WFTA), Maloney Development will preserve and enhance the long-standing housing community of Holyoke Farms through a renovation program that combines substantial upgrades to existing units and new construction, bringing a total of 191 affordable units to the 229-unit community.
“More affordable housing is critical to the future of the Commonwealth,” said Governor Charlie Baker. “More housing means more opportunities for our hardworking families. Thanks to Maloney Properties and our other partners throughout Massachusetts, more affordable units are being created, preserved or rehabilitated in our communities.”
The construction and renovation project will be supported by grants from both the City of Holyoke and the Massachusetts Department of Housing and Community Development, while MassHousing provided a $12.2 million permanent loan and $9.9 million in bridge loan financing for the project.
“The City is proud to support the revitalization of Holyoke Farms,” said Mayor Alex B. Morse. “This important project will not only provide a community for Holyoke’s long-term tenants to age in place, but also introduce one-bedrooms in a fully accessible building and an onsite meeting place to encourage engagement within the community. I look forward to seeing the end result and the positive impact the development will have on this community for years to come.”
Holyoke Farms’ existing 217 two and three bedroom townhouse-style units will be significantly renovated, and residents will enjoy a newly constructed low-rise elevator building, housing fully accessible one-bedroom units, along with a tenant community room and management space. Once complete, the project will bring a total of 229 units of much-needed family housing to the community. Of the 229 units, 191 will be affordable units, with eight reserved for households earning below 30 percent of the Area Median Income (AMI). The twelve new fully-accessible one-bedroom units will be constructed to address a growing demand from current and prospective tenants wanting to remain onsite and age in place.
Renovations to the property will include structural and system efficiency upgrades, new bathrooms, flooring, and significant exterior work, including front stoops, patios, fencing, and enhanced landscaping.
“We are pleased that the residents of Holyoke Farms will have affordable homes long into the future,” said MassHousing Executive Director Chrystal Kornegay. “Maloney Properties was not only committed to extending the affordability for the lower-income residents, but also completing substantial renovations to ensure the property is viable for the long term.”
“This has been a labor of love for Maloney Development as we are dedicated to providing great mixed-income options for residents across the Commonwealth. We look forward to transforming Holyoke Farms for many hardworking families in this Gateway City,” said Felicia Jacques, Vice President of Maloney Development, LLC. “We are grateful to the city and state for their support, and are committed to maintaining quality, diverse housing options across the state.”
Holyoke Farms is positioned in a prime, fully accessible location in close proximity to I-91 and the Mass Pike, public transportation via bus available onsite, and the local Amtrak station just 10 minutes away. Residents also benefit from close proximity to local schools, parks, healthcare providers, and an array of retail, restaurant, and entertainment destinations at the Holyoke Mall, less than two miles away.
Maloney Properties, Inc., has been creating first class communities since 1981. It is our mission to provide high-quality housing in all of the communities we serve. We offer a comprehensive set of services, providing highly customized real estate solutions to a wide range of property owners and developers.
Maloney Development LLC, an entity of Maloney Properties, Inc., develops successful multi-family residential, mixed-use, and commercial properties. Specializing in the planning, design, and execution of well-conceived, socially impactful real estate development ventures, Maloney Development’s current portfolio includes projects in Boston, Somerville, Worcester, Danvers and Holyoke.