Chestnut Park Apartments
Update
01/17/19
MassHousing Provides $50 Million for Renovation of Chestnut Park Apartments in Springfield
MassHousing has provided $50 million in financing for the renovation of Chestnut Park Apartments in Springfield, MA.
MassHousing financing will allow Related to preserve affordability at the 489-unit housing community, while making a significant capital investment in the property. As part of the transaction, Related will create 77 workforce housing units that will be affordable to moderate-income households.
The Chestnut Park Apartments were built in the 1970s under the HUD 236 financing program. The development includes a 33-story tower with a connected four-level parking garage, an 18-story building, a nine-story building and a five-story building with a connected two-level parking garage. The property also includes 19,000 square feet of commercial space. The Chestnut Park Apartments are within walking distance to the MassMutual Center and MGM Springfield Casino and near Springfield’s Innovation, Downtown Business and Museum districts.
