MassHousing announces $50M in financing for Chestnut Park Apartments, part of a package of $87M

MassHousing, the state’s quasi-public housing finance agency, will provide $50 million in affordable financing to the owners of the long-troubled Chestnut Park Apartments in Springfield, part of an agreement that will raise $87 million to refinance the purchase and renovation of the complex. MassHousing approved the deal in December. Related Companies that month shifted ownership of Chestnut Towers between business entities it controls with the on-paper selling price of $12 million.

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