Dimeo Properties Buys, Renovates 222 Units of Affordable Housing in Chicopee with MassDevelopment Bond
January 31, 2019
FOR IMMEDIATE RELEASE
Kelsey Schiller, MassDevelopment, 617-330-2011 & 617-694-9695 (cell)
Chris Brady, Dimeo Properties, Inc., 401-732-3300
MassDevelopment has issued a $15 million tax-exempt bond on behalf of MacArthur Terrace, LLC, an affiliate of real estate company Dimeo Properties, Inc. Dimeo Properties will use bond proceeds to renovate MacArthur Terrace, a 222-unit fully affordable housing facility in Chicopee. MassDevelopment also assisted the Department of Housing and Community Development with the approval of federal low-income housing tax credits, which will provide approximately $6.9 million in equity for the project. TD Bank purchased the bond.
“MassDevelopment is proud to support Dimeo Properties, Inc. as it renovates 222 units of affordable housing in Chicopee,” said MassDevelopment President and CEO Lauren Liss. “The renovations made possible by today’s tax-exempt bond will enhance the living experience for residents of MacArthur Terrace and ensure the facility remains a vital part of the city’s housing stock for years to come.”
The property is made up of 42 two-story garden- and townhouse-style residential buildings and three single-story support buildings, including a management office, community center, and utility building. In total, the property includes 122 one-bedroom units, 78 two-bedroom units, and 22 three-bedroom units, all of which will be rented to households earning no more than 60 percent of area median income. One hundred forty-six of these units are family housing, while 76 units will be reserved for seniors. Dimeo Properties plans to replace the heating and domestic hot water system boilers and building roofs, upgrade in-unit finishes, kitchens, and bathrooms, and perform accessibility upgrades.
“Dimeo Properties is excited to work with MassDevelopment and the Massachusetts Department of Housing and Community Development through the Affordable Housing Trust Fund and Housing Stabilization Fund on redeveloping and preserving affordable housing at MacArthur Terrace,” said Dimeo Properties, Inc. Vice President and Director of Property Management Chris Brady. “We also want to thank Mayor Kos and the City of Chicopee for supporting the project through the HOME program. We have assembled a great team with guidance and support from MBL Housing and Development of Amherst Mass.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2018, MassDevelopment financed or managed 384 projects generating investment of more than $4.1 billion in the Massachusetts economy. These projects are estimated to create or support 10,994 jobs and build or rehabilitate 830 housing units.