Peabody Properties (www.peabodyproperties.com), a group of award-winning property management and real estate firms, recently announced it has assumed management of the Walker School Apartments at 145 Berkley Street in Taunton, Massachusetts.
The brand new 40-unit apartment community is the former site of the long-vacant Walker School and will now be home to seniors 62 and older and non-elderly disabled individuals. All apartment homes have income qualifications and rent restrictions to provide affordability.
A true collaboration of funding sources and organizations came together to support the project, which included redevelopment of the vacant former school into 40 new one-bedroom apartments (16 apartments in the original school building plus an addition containing 24 apartments).
MassHousing closed on $9.5 million in affordable housing financing to Affordable Housing and Services Collaborative, Inc., and Taunton Revitalization, Inc. – an $8.75 million construction loan and a $750,000 construction and permanent loan.
The project also received $13.8 million in equity financing through allocations of federal Low-Income Housing Tax Credits (LIHTC) and federal Historic Tax Credits, as well as $3.69 million in equity financing from the allocations of state LIHTCs and state Historic Tax Credits syndicated by Boston Financial Investment Management.
Additionally, the Massachusetts Department of Housing and Community Development (DHCD), which allocated the federal and state LIHTCs, also contributed $2.6 million in direct affordable housing subsidy. The Affordable Housing Trust Fund, which MassHousing manages on behalf of DHCD, contributed $1 million to the project, and the city of Taunton provided $200,000 in financing.
Walker School Apartments is located near the Weir Village Riverfront Park and the Taunton River and is serviced by public transportation.
“Peabody Properties is happy to add the Walker School Apartments to our managed portfolio,” said Adam Kenney, Vice-President of Operations. “This remarkable transformation of a vacant, former school into new and vibrant housing with supportive services is certain to serve lower-income seniors for many years to come, and is a great example of the positive outcomes of like-minded organizations working together to achieve big goals.”
About Peabody Properties
The Peabody Companies and its affiliates – Peabody Properties, Peabody Resident Services, Peabody Supportive Housing, Peabody Real Estate and Peabody Miami – is headquartered in Braintree, Massachusetts, at 536 Granite Street. A full-service real estate firm, Peabody Properties manages over 13,650+ units of housing throughout New England, as well as additional communities in New Jersey and Florida. This award-winning, privately held company and Accredited Management Organization (AMO) was incorporated in 1976 and is under the direction of Karen Fish-Will and Melissa Fish-Crane, who were recently ranked #31 (out of 50) on Glassdoor’s 2018 SMB Top CEOs list. Recognizing its long-term commitment to Resident Services as a unique area of expertise within the field of property management, a specialty sector, Peabody Resident Services was established and is dedicated solely to the development of support services and programs for residents of affordable housing. Designated as a Women Business Enterprise (WBE) and certified by the Massachusetts State Office of Minority and Women Business Assistance (SOMWBA), Peabody was recently ranked #54 on the 2020 National Affordable Housing Management Association (NAHMA) Affordable 100 List, as well as a 2017, 2018 and 2019 Top Place to Work by the Boston Globe and 2018 and 2019 Glassdoor Best Place to Work (most recently ranked #10). Learn more at http://www.peabodyproperties.com or on LinkedIn, Facebook, Instagram, or YouTube.