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WEYMOUTH, MA-MassHousing’s board of directors approved a $27.2 million loan commitment for Avalon Ledges, a 304-unit mixed-income apartment community built last year by AvalonBay Communities Inc.

MassHousing, the state’s affordable housing bank, emphasizes that the financing for Avalon Ledges is “unique.” The loan will have a variable rate with a term of five years, with an option for a five-year extension for a total term of 10 years. The variable rate debt structure is expected to provide an initial cost of financing to the developer of approximately 3% per year. Most MassHousing loans for rental housing are for 30 to 40 years with a fixed interest rate.

The construction of Avalon Ledges, which is located at the intersection of Route 53, or Washington Street, and Route 18, or Main Street, was completed in October 2002. The development is currently 87% occupied. The complex consists of 124 one-bedroom units, 152 two-bedroom units and 28 three-bedroom units. AvalonBay Communities also serves as the property manager. In accordance with the comprehensive permit issued by the Weymouth under Chapter 40B, the state’s affordable housing law, 25% of the development’s 304 units must be affordable to households earning no more than 80% of the area median income.

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