$32M Loan Secured for Rindge Commons in Cambridge
The Schochet Companies today announced that Rindge Associates Limited Partnership has executed an agreement with the City of Cambridge to preserve as affordable 504 housing units at Fresh Pond Apartments.
The agreement will preserve 166 former Below Market Interest Rate units as affordable for at least 50 years through City funding and commits the owner to renew its contract with HUD to maintain 338 apartments as project-based Section 8 units for the term of the Agreement. The former BMIR units will be preserved in two tiers, one for Low-Income households and one for Moderate-Income households.
Rindge Associates is a limited partnership of investors with day-to-day-decisions made by the general partner, an affiliate of The Schochet Companies.
Cambridge Mayor Sumbul Siddiqui, Esq. said “I am so pleased this deal has been finalized and that these units will remain affordable for the next 50 years. Having lived in the Fresh Pond Apartments, I know how essential each of the 504 units are to the community. Approving the appropriation to keep these units affordable was the most important vote I’ve taken, and I am so glad to have worked with the owner and the City to move this process forward.”
“This $32.5 million loan from the Cambridge Affordable Housing Trust demonstrates the City’s ongoing commitment to affordable housing efforts,” said Cambridge City Manager Louis A. DePasquale. “I want to thank our City staff, the Mayor, the City Council, the Affordable Housing Trust, and the Cambridge Housing Authority. Their close collaboration with the residents of Fresh Pond Apartments and its owner, Rindge Associates, has ensured these apartments will remain affordable for another generation of families.”
Richard Henken, president and CEO of Schochet said, “I am so proud of the extraordinary efforts of the Schochet staff and the Cambridge Community Development department to secure the long-term preservation as affordable of this critical housing resource for several generations into the future. This success not only benefits our current and future residents but is a significant step in maintaining the vibrancy and diversity of the community. As the owner and/or property manager of nearly 5,000 affordable housing units throughout New England, we have seen repeatedly how the availability of affordable housing stabilizes families; benefits the local economy and creates a base for educational opportunity, similar to the Mayor’s personal experience.”