Schochet Press Releases

  • Fenway CDC and Schochet close $53 million Tax Credit Equity and Construction Financing for Newcastle Saranac Apartments Published 2 weeks ago
    Constructed in the late 1890s and rehabilitated into Section 13A family housing in the 1970s, the Newcastle Saranac Apartments had recently reached the maturity of the Section 13A mortgage. The expiration of these affordability restrictions put the building at risk of being converted to market rate units and threatened to displace many families who have called this property their home for generations. In January 2019, partnering with the Schochet Companies, Fenway CDC acquired the project with bridge debt financing from the Community Economic Development Assistance Corporation (CEDAC), thus preserving its affordability for current and future tenants.  Funds also came from the City of Boston Department of Neighborhood Development off site Inclusionary Development Policy program. As part of the construction closing, the CEDAC debt has been repaid and the project has entered into a tax credit partnership with R4 Capital LLC to fund the rehabilitation and modernization of the two historic buildings that comprise the development.  With tremendous funding and support from the City of Boston, the Massachusetts Department of Housing and Community Development (DHCD) and the Massachusetts Housing Finance ...
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  • South End Mixed-Income Housing Community Will Undergo Major Renovation and the Preservation of Affordability with $30.3 million in MassHousing Financing Published 2 weeks ago
    BOSTON – July 21, 2020 –  MassHousing has provided a total of $30.3 million in affordable housing financing to the Fenway Community Development Corporation for the refinancing, major renovation, and preservation of affordability for mixed-income households at the 97-unit Newcastle Saranac in Boston's South End. 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. "The deep affordability of these units for nearly a hundred households, contrasted with the rents of market-rate housing in the area, made their preservation especially critical for maintaining the vibrancy and diversity of the neighborhood," said MassHousing Executive Director Chrystal Kornegay. "Thanks to a strong collaborative effort by the Commonwealth, the City of Boston, the Community Economic Development Assistance Corporation, the Fenway CDC, the Schochet Companies and the residents of Newcastle Saranac, the community will see affordable homes preserved and substantially renovated. MassHousing is pleased to be a partner in this important transaction." "In Boston, we are ...
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    Financed through MassHousing, Riverside Towers is designated for occupancy by elderly and disabled residents.  Of 200 units, 199 receive direct rent subsidy under a HUD Project-Based Section 8 HAP contract.  With adjacency to the Medford Senior Center and proximity to mass transit and the vibrant Medford Square shopping and restaurant district there is a sizable waiting list for apartments.  The Schochet Companies, which was also a partner in the previous ownership team, has been the management agent for the property since 2007 and will continue in that role.  Richard Henken, president of The Schochet Companies, stated that the ownership transition will not result in any immediate significant changes, with key management staff continuing to ensure day-to-day operations continue uninterrupted. Longer 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.   Specifically, new ownership expects to: upgrade apartments with modern finishes, fixtures and appliances repurpose and modernize common amenity areas to provide on-site health services, a fitness center, a business center, ...
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    Portsmouth, RI, September 25, 2019 – The Schochet Companies today announced that it has acquired the Bay View Estates apartment community in Portsmouth.   The Schochet Companies, a full-service real estate development and management company, owns and/or manages more than 5,000 apartments throughout New England and employs more than 170 individuals.  The company’s history on, and commitment to, Aquidneck Island spans nearly fifty years since its formation by the late Jay R. Schochet, a long-time Newport resident, in 1973.   Located 20 minutes from Newport and 35 minutes from downtown Providence, the 26-acre Bay View offers panoramic views of Narragansett Bay along with such amenities as a swimming pool and fitness center, tennis courts, BBQ grills, community gardens, internet café, and community room.   Schochet assumed the role of management agent from Chestnut Hill Realty.   Richard Henken, Schochet Companies’ president, said, “We are thrilled to have the opportunity to acquire this beautiful, lovingly maintained property from Chestnut Hill Realty and will strive to enhance the excellent service that Bay View residents have come to expect from their management team.”   For more information, or to schedule a property ...
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  • Eagle Scout Project and Dedication Ceremony at Seabury Heights Published 11 months ago
    Jacqueline and Michael Thomas spent 17 happy years at Seabury Heights, a Retirement Housing Foundation property managed by The Schochet Companies in Worcester, MA, so when their grandson wanted to dedicate his Eagle Scout project to their memory, he knew exactly the most meaningful way to do it.  Sean Thomas, a 17-year-old member of Troop 9, worked for months on planning, fund-raising, brickwork, weeding, planting, and building a bench in the flagpole area of Seabury Heights to honor the memory of his grandparents.  On August 28, Seabury dedicated the refurbished area and celebrated Sean’s accomplishments at a ceremony which included remarks by a long-time friend and neighbor of the Thomases along with Seabury and Schochet officials and the Troop 9 scout master.  Sean said he chose the flagpole area for his scout project to honor his grandfather’s service as a US Army veteran and he selected Seabury Heights because the property and its residents meant so much to his grandparents.
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  • Riverside Village Celebrates Back-To-School Published 11 months ago
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    Public officials and executives of Retirement Housing Foundation (RHF) and the Schochet Companies recently celebrated the completed rehabilitation of Symphony Plaza, one of the only affordable housing communities for low-income seniors and persons with disabilities in Boston’s Back Bay area. The 403-unit elderly community is comprised of 188 units in Symphony East and 215 units in Symphony West including 116 studios, 260 one-bedroom and 28 two-bedroom elderly housing units.   The property’s two buildings, one 14 stories, and the other 16 stories, were constructed in 1980 as two developments formerly known as Symphony Plaza East and Symphony Plaza West.  The owner, RHF of Long Beach, CA, recently refinanced and performed moderate rehabilitation work to modernize the property and comply with current code standards.    Rehabilitation work included fire and safety code upgrades and improvements, major building systems improvements such as window replacements, exterior skin improvements which included waterproofing and stabilization, interior and exterior common area improvements, handicapped accessibility improvements, and selected unit modernization improvements.    The Development was financed by a creative combination of resources provided by Mass Housing, the Massachusetts Department of Housing ...
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      Retirement Housing Foundation (RHF) and the Schochet Companies recently celebrated the refinancing and long-term preservation as affordable of King James Court and Pine Crest Apartments comprised of 234 elderly and family affordable apartments in Orange, Massachusetts.  The transaction will also enable an extensive $8 million capital improvement program, which began this spring. King James Court is an elderly property with 100% of the 120 units subsidized under Project Based Section 8. Pine Crest is a family property with 114 units subsidized by a combination of Massachusetts rental vouchers, project-based vouchers, and Section 236. In the combined project there are 138 one-bedroom units, 72 two-bedroom units, 18 three-bedroom units, and 6 four-bedroom units. The Schochet Companies manages the property for RHF, a faith-based non-profit.  The two companies undertook this refinancing and rehabilitation project to ensure that the property is preserved indefinitely as an affordable housing asset. To accomplish these goals, the transaction was financed with a mix of tax-exempt bond financing from MassHousing, 4% low income housing tax credits, a Massachusetts Department of Housing and a Community Development loan from the ...
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  • RHF and Schochet Companies Preserve Symphony Towers in $136 Million Transaction. Published 2 years ago
    BOSTON – February 12 2018 – MassHousing has provided a total of $135.5 million in financing to an affiliate of the non-profit Retirement Housing Foundation (RHF), to enable RHF to launch a major renovation of the 404-unit Symphony Plaza in Boston, and extend affordability at the property for at least 30 years. The Symphony Plaza refinancing was completed through the Federal Housing Administration’s Housing Tax Credit Pilot Program. The Tax Credit Pilot Program allows borrowers to utilize federal Low-Income Housing Tax Credits (LIHTC) in combination with an affordable fast-track mortgage product insured by the Federal Housing Administration (FHA). MassHousing is the only state housing finance agency in the country among 52 FHA-approved Tax Credit Pilot Program lenders. “This is an important transaction for the low-income seniors living at Symphony Plaza, who will continue to live affordably in Boston’s Back Bay, while benefitting from major property improvements,” said MassHousing Acting Executive Director Tom Lyons. “MassHousing delivers on our mission of confronting the housing challenges facing the Commonwealth to improve the lives of its people, by offering a broad range of tools that ...
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  • CBRE/NE Press Release Published 3 years ago
    Boston – June 1ST, 2017 – CBRE/New England’s Capital Markets team today announced the sale of Glen Meadow, a 288-garden style apartment community located in Franklin, Massachusetts for $51.1million. CBRE’s multi-housing experts Simon Butler and Biria St. John exclusively represented the seller and procured the buyer, Glen Meadow Owner, LLC, a joint venture between The Schochet Companies and Rose Affordable Housing Preservation Fund IV, an affiliate of  Jonathan Rose Companies. “We are pleased to have facilitated the sale of Glen Meadow on behalf of our client who acquired the community in 2000 as part of a larger portfolio acquisition said CBRE/NE’s Butler.” The sale marked the successful conclusion to an investment that yielded strong results for the seller, while at the same time offering the buyer strong yields on a good forward basis and the potential for a value-add execution.” Glen Meadow was built in 1971 and is comprised of eight two-story garden style buildings. The community consists of 288 apartment homes containing 88 one-bedroom and 200 two-bedroom townhouses with an average size of 907 square feet. The community is located ...
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  • Press Release - Shepherd Park and Capitol Towers Celebrate RHF’s 55 years of Affordable Housing in Hartford, CT Published 3 years ago
    Shepherd Park and Capitol Towers will be jointly celebrating the 55th Anniversary of Retirement Housing Foundation (RHF), its sponsoring organization on Friday June 9th 2017 at 11:00 AM. Capitol Towers, 144-units and Shepherd Park, 363-unit, affordable housing communities for seniors and individuals with disabilities, are located in Hartford, Connecticut and both are part of the RHF organization. About Retirement Housing Foundation RHF was started by two clergymen from the United Church of Christ and a layperson who, with $7,000, started with a dream that has grown to include Shepherd Park and Capitol Towers and 184 other communities throughout the United States, Washington, D.C., Puerto Rico, and the U.S. Virgin Islands, serving more than 20,500 older adults, persons with disabilities, and low income families. About the Schochet Companies The Schochet Companies is a full service real estate development and management company founded by Jay R. Schochet more than forty years ago.  Since that time the company has developed, owned, and/or managed in excess of 7,000 apartments, the bulk of which are affordable, and over 600,000 square feet of retail and commercial space throughout New England ...
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  • Press Release - Riverside Village Celebrates RHF’s 55 years of Affordable Housing in Leominster, MA Published 3 years ago
    Riverside Village will be celebrating the 55th Anniversary of Retirement Housing Foundation (RHF), its sponsoring organization on Thursday June 8th 2017 at 4:00 PM. Riverside Village, located at 24 State Street, Leominster, is a 312-unit, affordable housing community for families and is part of the RHF organization.  Residents of this family development benefit from a variety of programs, including classes in cooking, computer skills, parenting, money management, English as a Second Language and résumé writing.  There are also several affiliate programs for children and teens through The Boys and Girls Club, The Spanish American Center, Mount Wachusett Community College and The United Way Youth Venture. About Retirement Housing Foundation RHF was started by two clergymen from the United Church of Christ and a layperson who, with $7,000, started with a dream that has grown to include Riverside Village and 184 other communities throughout the United States, Washington, D.C., Puerto Rico, and the U.S. Virgin Islands, serving more than 20,500 older adults, persons with disabilities, and low income families. About the Schochet Companies The Schochet Companies is a full service real estate development and management ...
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The Schochet Companies News

Press releases, events, and related news.

The Chairman's Challenge

Richard Henken is co-chairman of the Rental Housing Association MassHousing Chairman's Challenge Committee.

Summer Theatre Program at Pinecrest

Read an article from the Athol Daily News, July 7, 2009 about the Summer Theatre Program at Pinecrest.

Federal Management Recognized by City of Boston English Works Campaign

Boston Mayor Thomas M. Menino and the English Works Campaign awarded the first 'City of Boston/ English Works Campaign Certificate of Recognition' to 11 unique local businesses and labor management partnerships for their support of English language classes for immigrants in the Commonwealth of Massachusetts. Other key labor, community, and educational partners were also recognized.

Searles Buyers Granted More Time

Berkshire Development Partners LLC is working on its second extension in an effort to finalize its purchase of the Searles/Bryant complex.

Federally Subsidized Housing Offers Right Risk-Adjusted Returns

by Richard J. Henken

Smart investors are continually on the lookout for opportunities to earn strong risk-adjusted returns. A fresh, little-known asset class can reward investors who understand its hybrid benefits. In strong markets, projects backed by the Department of Housing and Urban Development provide a unique opportunity to combine bond-like fixed-income properties with the potential for growth through real estate appreciation.

New Villages proposed for Smithfield

The developer of Newport's Brick Marketplace, who owns 100 acres off Route 116 here, is among a number of business-oriented leaders about to unveil their vision for the creation of two new villages in town. The Case for Preservation

Last September and October, housing officials sat across a table from the owners of Starrett City, the nation's largest privately owned affordable housing complex, located in Brooklyn, N.Y. Armed with a stack of market studies and financial statements, officials argued Starrett City would provide the owners a stronger and more predictable return if kept affordable than if Starrett City Association attempted to remove the property's income restrictions.

Brick Market Place

Recent months have seen a second wind for the historic Brick Market Place, thanks to the ongoing renovation efforts of Schochet Associates, a development and property management company located in downtown Boston. Boasting over four acres of retail along America's Cup Ave., Brick Market Place has long been a treasured shopping destination in the city, and now sees a bright future as a centerpiece to the economic revitalization of the city's historic downtown area.

Multi-Housing News: 20/20 Vision

"The future is already here," points out Daniel Gehman, AIA, LEED AP and principal at TCA (Thomas P. Cox: Architects). With an accelerated pace of innovation evident in the past five to 10 years, industry observers believe that the groundwork is already being set for the apartment of 2020. While anything is possible, those interviewed for this special report agree "the paradigm is shifting to denser spaces that are highly amenitized," as Gehman puts it.

Health Care Reaches Out

Ten health care facilities employ creative land use strategies to integrate medical care and wellness services into their communities.