South End Mixed-Income Housing Community Will Undergo Major Renovation and the Preservation of Affordability with $30.3 million in MassHousing Financing

Fenway CDC—in partnership with the Schochet Companies—acquired Newcastle Saranac through Chapter 40T, after the MassHousing Section 13A mortgage expired in March 2018 and the former owner intended to sell the property, putting the property’s 97 affordable units at risk of converting to market-rate rents.

Jonathan Rose Companies and Schochet Partner Acquire Riverside Towers

Long-term plans include a significant investment in common area modernization, upgrades to dwelling units, and enhanced social services geared toward quality of life and health and wellness improvements for the community.

City of Cambridge allocates funding to preserve 504 affordable housing units for more than 1,100 low income residents at Fresh Pond Apartments.

Newcastle-Saranac Apartments Preservation

Building on his commitment to create and preserve affordable housing in Boston, Mayor Walsh joins the Fenway CDC and their partner Schochet Companies, along with Roxbury residents to celebrate the acquisition and preservation of 97 affordable units at the Newcastle-Saranac Apartments in lower Roxbury.