MassDevelopment Grants $32.5M Loan For Acquisition And Renovation Of Ipswich Affordable Housing Complex

MassDevelopment has granted a $32.5 million tax-exempt bond to support the acquisition and renovation of Agawam Village, a 94-unit affordable housing complex located at 34 Agawam Village in Ipswich, MA. The property is a multifamily asset with a total of 94 units. The loan was provided by MassDevelopment and the landlord of Agawam Village is The Ipswich Housing Authority & Harborlight Homes of Beverly.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $32,500,000
• Address: 34 Agawam Village
• Market: Ipswich, MA
• Units: 94
• Lender: MassDevelopment
• Landlord: The Ipswich Housing Authority & Harborlight Homes of Beverly

MassDevelopment has provided a $32.5 million tax-exempt bond to support the acquisition and renovation of Agawam Village in Ipswich. This investment will contribute to the preservation and improvement of the 94-unit affordable housing complex.