$2M Fannie Mae loan helps Garden Park Mgt. preserve property & affordability for years to come
Posted on March 10, 2016
SPRINGFIELD --- The Massachusetts Housing Partnership (MHP) announced today that is has made a $2 million Fannie Mae loan to Garden Park Management to ensure the long-term affordability of Bel-Air Homes.
Constructed in 1979 and located in the north end of Springfield, Bel-Air consists of 20 duplex buildings offering 20 three-bedroom and 20 four-bedroom homes for families, along with 80 off-street parking spaces.
MHP’s long-term, fixed-rate, low-interest loan will enable Garden Park Management to buy out its original partners and reorganize ownership under a single entity that will be positioned to preserve and maintain the property as affordable housing for familes for years to come.
Garden Park Management owns and manages several small apartment buildings in Springfield. This is the second loan MHP has made to Garden Park. In 2001, it provided long-term financing for the acquisition and stabilization of five distressed units through the state’s Neighborhood Stabilization Loan Program.
For more information about this loan and MHP’s financing options for multifamily housing, contact MHP Senior Loan Officer David Hanifin at 617-330-9944 x2338 or dhanifin@mhp.net.