Landmark at West Springfield Assisted Living
West Springfield, Massachusetts
The Landmark at West Springfield is a historic restoration of an existing Monastery conveyed by the Archdiocese. The project is located on 21 acres of mature lands with landscaping having grown over several generations. This 90,000 square foot Monastery is constructed of stone, clay tile roofs, stained glass and has several interior spaces containing extensive millwork and antiquated detailing. Debt Financing was secured by tax exempt and taxable bonds allocated through Mass Development with credit enhancement provided by HUD 232 Board and Care Mortgage Insurance. Equity was raised through the syndication of historic and low income tax credits. The project team included EGA Architects, Tocci Building Corporation, CB Richard Ellis, Dermarderosian, Palmer and Dodge, Rockport Mortgage and Commonweal Collaborative.
| Project Summary: | A 115 Unit Senior Housing rehabilitation offering assisted, independent, and dementia services for seniors |
| Total Project Cost: | $18,000,000 |
| Financing: | Historic and Low Income Tax Credit Equity, Public Sector HUD 232 Insurance, Tax Exempt, Taxable and Premium Bonds |
| Primary Services: | Development Management related to acquisitions, approvals, design, financing and construction oversight. |
