Brandy Hill Apartments are located in Wareham, a southeastern Massachusetts town at the head of Buzzards Bay.   POAH purchased the 132 apartments in 2010 in order to preserve their affordability and ensure the long-term stability of the property.   The complex is located in a charming natural setting and includes a number of amenities including an outdoor swimming pool, playgrounds and a community building.

The Preservation Challenge
The property was originally developed in the early 1970s under the “Section 236 program” which provides interest rate subsidies in exchange for affordability and was preserved under the Emergency Low Income Housing Preservation Act (ELHIPA) in 1994.  Its current use restriction expires in 2016, and a sale to a non-preservation buyer could have jeopardized its long-term affordability. 

POAH’s Role
POAH purchased the property in order to be in an optimal position to structure a long-term preservation transaction when the current use restrictions expire.  The acquisition is financed by the assumption of the current MassHousing mortgage, an acquisition mortgage from MassHousing, and subordinate funds from a Prudential line of credit.  POAH will be making upgrades to the apartments in the near future and plans to complete a more extensive renovation to the apartments upon a financial restructuring within the next five years.