NHP Foundation, a provider of quality affordable housing, has acquired New Port Antonio, a historic Section 8 property in Roxbury, Massachusetts.
This acquisition is one of the largest transactions by the foundation and was financed through the assumption of an existing $39 million MassHousing loan, with additional funding from $19 million in NHPF Corporate Bonds and a $28 million joint loan from BlueHub Loan Fund and the Low Income Investment Fund.
New Port Antonio Apartments was constructed between 1899 and 1930 and comprises 227 urban residential apartment homes spread across 13 different locations and 17 building footprints within a half-mile radius. A substantial renovation for this 100% rent-subsidized apartment community is planned to begin within three years, with completion expected by 2029.
“Acquiring New Port Antonio represents a significant milestone for NHPF, allowing us to preserve and enhance affordable housing in the historic Roxbury neighborhood where we have also restored another affordable housing property, Blue Mountain,” said Mecky Adnani, senior vice president at the New York City-headquartered NHP Foundation. “We are grateful to our partners and committed to maintaining legacy in the area while providing quality homes for families.”
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