Chatman West Update
Beacon Communities Completes $13M Renovation at Chatham West in Brockton
Chatham West celebrated the early completion of renovations to a 570-apartment affordable housing development whose residents can also count on their homes remaining affordable for another 10 years, thanks to a public-private partnership between MassHousing and owner Beacon Communities. Beacon Communities started the $13 million renovation last year. Substantial renovations to the building exteriors and apartment systems were completed two years ahead of schedule – in one year rather than three.
At a ribbon-cutting on the property, which was originally built in the early 1970s, MassHousing Executive Director Chrystal Kornegay praised both Beacon’s work and the joint financing arrangements that will keep the large development affordable.
“Today is a great day for the residents of Chatham West, who not only had their affordable rents preserved for the long term but who are now enjoying the benefits of many improvements to the property,” said Kornegay. “Beacon Communities worked diligently to complete a complex financial transaction that ensured Chatham West’s tenants would still be able to live and prosper there. We commend Beacon for their commitment to preserving the affordability for the residents of Chatham West.”
Beacon Communities CEO Dara Kovel hailed the financing partnership with MassHousing that provided $11.5 million in loans that made it possible to not only stabilize the property but also preserve the affordability of all 570 units for at least the next 10 years. She also thanked Walked & Dunlop and Fannie Mae, which provided new first mortgage debt in this complex transaction.
Kovel said the improvements were vital to the quality of life for residents of the development, and she congratulated the Beacon team on finding ways to speed up the work. It included replacing siding, windows, doors, roofs, boilers, and other major systems, in addition to updating the community center and on-site offices.
Brockton Mayor Bill Carpenter said, “We are very happy to support renovations to the Chatham West Apartments by committing $400,000 of Brockton’s Federal HOME funds to this important project. Beacon Communities has been a great partner to the City, providing an accessible, age-friendly and socially inclusive environment. It is our hope that these improvements have a lasting impact on the quality of life for these residents.”