Affordable apartment communities in Roslindale, Jamaica Plain and Lawrence have been eyed for redevelopment by Omni America, the development team led in part by former Red Sox slugger Mo Vaughn.
MassHousing has announced loan commitments of up to $49.6 million for the acquisition, rehabilitation and preservation of three apartment communities.
Omni America and Mill Plain Properties, headed by Robert Bennett, plan to purchase and rehabilitate the Florence Apartments in Roslindale, the Forestvale Apartments in Jamaica Plain and Sycamore Village in Lawrence.
MassHousing committed up to $18.3 million in tax-exempt construction financing for the 138-unit Florence Apartments in Roslindale, up to $18.9 million in tax-exempt construction and permanent financing for the 107-unit Forestvale Apartments, and up to $11.4 million in construction and permanent financing and $1 million in additional construction financing for the 166-unit Sycamore Village.