An affiliate of the nonprofit Retirement Housing Foundation has landed a $135.5 million loan for the renovation of Symphony Plaza. The two-building property, Symphony Plaza East and West on Massachusetts Ave. houses a combined 404 units. MassHousing provided the funding which was completed through the Federal Housing Administration’s Housing Tax Credit Pilot Program. MassHousing, together with lender partner Rockport Mortgage Corp., provided a $74.5 million permanent loan through the Agency’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative. MassHousing further originated $61 million in short-term tax-exempt construction financing to facilitate the use of federal Low-Income Housing Tax Credits. The deal allows the complex’s affordability status to be extended for a minimum of 30 years.
The buildings were built in 1980 and are situated next to the Boston Symphony Hall, on the southern edge of Boston’s Back Bay neighborhood. Upgrades to the multifamily portfolio will include new windows, HVAC systems, electrical system improvements, upgrades of common areas along with kitchen and bathroom improvements in the units. The Schochet Cos. provided development consulting and its affiliate, Federal Management Co. Inc., is the property manager for Symphony Plaza.
