MassHousing Announces Loan Closing of $26.5 Million to Preserve Affordable Housing for Senior Citizens in Natick

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    By Massachusetts RealEstateRama -

    BOSTON – April 22, 2013 – (RealEstateRama) — MassHousing announced a loan closing today of $26.5 million to preserve affordability for senior citizens at the 236-unit Sherwood Village apartment community in Natick.
    As a condition of the loan, Fairway Estates Limited Partnership, an affiliate of Cornerstone Corporation, which owns Sherwood Village, will seek to extend its federal Section 8 Housing Assistance Payment (HAP) contract and the affordability on 235 apartments for the longest term possible – typically 20 years – when the current HAP contract expires in February 2014.

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