Middlebury Arms, Middleborough
Partners: Affordable Housing and Services Collaborative, Peabody Properties
Extensive rehabilitation was performed at Middlebury Arms in Middleborough
From owner to manager to lender, a strong team has helped to make Middlebury Arms in Middleborough better than new.
Built in 1974, Middlebury Arms experienced structural problems from the onset. In the early 1980s, MassHousing asked Peabody Properties to take over operations and lead the 64-unit property through a number of complicated issues.
Affordable Housing and Services Collaborative, Inc., which has partnered with Peabody Properties to rehabilitate 15 affordable housing communities with 1,224 units, used $10.5 million in MassHousing financing to acquire and renovate Middlebury Arms. MassHousing also forgave $5 million in arrearage debt to help make the transaction possible.
"We are fortunate to have a fantastic team working together on this project and we look forward to preserving the property's affordability, as well as the quality of life for the residents for many years ahead," said AHSC Executive Director Michael Mattos.
Renovations included the replacement of roofs, exterior siding, windows and HVAC, plumbing and life-safety systems as well as the repair of balconies. Common areas and individual units were refurbished and appliances replaced. Accessibility upgrades brought the property into full ADA compliance.