MassHousing has closed a $6.6 million FHA-insured 223(f) refinancing loan to an affiliate of John M. Corcoran and Company for The Academy, an 85-unit senior development in Fall River. As a condition of the MassHousing financing, the owner extended the federal Section 8 Housing Assistance Payment Contract on all 85 units for 20 years.
The loan was made through MassHousing's MAP/Ginnie Mae execution in partnership with underwriting partner CBRE. It provides lower interest rates and a faster review process while preserving and extending affordability for hundreds of low-income senior citizens and families.
Built in 1980, The Academy is located at 102 South Main St. in Fall River and has 6 efficiency units, 73 one-bedroom units and 6 two-bedroom units.