Schochet Press Releases

  • INNOVATIVE FINANCING PRESERVES AND REHABILITATES AFFORDABLE HOUSING IN BOSTON’S BACK BAY Published last month
    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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  • KING JAMES COURT AND PINE CREST APARTMENTS CELEBRATE PRESERVATION AND REHABILITATION PROJECT Published last month
      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 last year
    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 2 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 2 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 2 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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  • Press Release - Seabury Heights Celebrates RHF’s 55 years of Affordable Housing in Worcester, MA Published 2 years ago
    Seabury Heights will be celebrating the 55th Anniversary of Retirement Housing Foundation (RHF), its sponsoring organization on Thursday June 8th 2017 at 11:00 AM. Seabury Heights, an RHF community, located at 240-244 Belmont Street, Worcester, is a 302-unit, affordable housing community for older adults and people with disabilities. Seabury Heights is located next to lovely Bell Pond and offers beautiful views of the city in all directions. Seabury Heights offers a variety of programs and services to keep our population of older adults and residents with disabilities active and engaged. We are proud to provide safe, affordable housing for our residents, who are increasingly aging in place. 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 Seabury Heights 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 ...
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  • Press Release - Douglas House and Hamilton Wade Celebrate RHF’s 55 years of Affordable Housing in Brockton, MA Published 2 years ago
    Douglas House and Hamilton Wade will be jointly celebrating the 55th Anniversary of Retirement Housing Foundation (RHF), its sponsoring organization on Wednesday June 7th 2017 at 4:00 PM. Hamilton Wade and Douglas House, located at 20 Haverhill Street is a 242-unit, affordable housing community for seniors and individuals with disabilities and part of the RHF organization.   On a sunny day, you may find the residents lounging on the gazebo, or on one of the many benches on the property, or you may find them enjoying the attractively landscaped grounds from the spacious solarium. 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 Douglas House and Hamilton Wade 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 ...
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  • Symphony East and West, Stearns and Mason Place Celebrate RHF’s 55 years of Affordable Housing in Boston, MA Published 2 years ago
    Symphony East and West, Stearns and Mason Place will be jointly celebrating the 55th Anniversary of Retirement Housing Foundation (RHF), its sponsoring organization on Wednesday June 7th 2017 at 11:00 AM. Symphony Plaza East and West (404 elderly apartments at 333 and 334 Massachusetts Avenue), The Stearns Building (140 elderly apartments at 10 Temple Place), and 80 Mason Street (127 elderly apartments on Avery Street) are affordable housing communities and part of the RHF organization.  Each of these communities enjoys the benefits of their Back Bay and Downtown locactions such as strong neighborhood agency connections, diversity, and consistent occupancy. 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 Symphony East and West, Stearns and Mason Place 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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  • Binnall House Celebrates RHF’s 55 years of Affordable Housing in Gardner, MA Published 2 years ago
    Binnall House will be celebrating the 55th Anniversary of Retirement Housing Foundation (RHF), its sponsoring organization on Tuesday June 6th 2017 at 11:00 AM. Binnall House, located at 125 Connors Street is a 134-unit, affordable housing community for seniors and part of the RHF organization.  With its convenient location, Binnall House is a preferred choice for seniors in the community and has a very active resident population.   To keep their residents busy, there are an abundance of programs available, but on a sunny day, you can usually find a group of residents sitting outside on the many benches surrounding the site. 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 Binnall House 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 ...
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  • MassHousing Press Release Published 2 years ago
    MassHousing is the first Housing Finance Agency to complete a transaction using the Federal Housing Administration’s Housing Tax Credit Pilot Program BOSTON – May 30, 2017 – MassHousing has provided $9.25 million in financing to an affiliate of the non-profit Retirement Housing Foundation (RHF) for the preservation and renovation of 134 units of affordable housing at Binnall House in Gardner. Binnall House is home to senior citizens and residents with disabilities, who will see the affordability of their units extended for at least 15 years. The Binnall House refinancing is the first in the country in which a Housing Finance Agency (HFA) has completed a transaction 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 and an affordable fast-track mortgage product insured by the Federal Housing Administration (FHA). MassHousing is also the only HFA among 52 FHA-approved Tax Credit Pilot Program lenders. “We are committed to offering the development community innovative financial products that preserve much-needed affordable housing, while improving the lives of Massachusetts residents,” ...
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  • IREM REME Press Release Published 3 years ago
    BRAINTREE – September 15, 2016 – IREM announced today that The Schochet Companies has been selected as a finalist for their 2016 REME (Real Estate Management Excellence) Award in the Workplace Environment – Sustainability Programs category. The REME Awards recognize real estate management excellence through innovative business practices and initiatives that advance the profession and the industry. The company is now part of an elite group of finalists in the REME Awards Program.   REME Awards recognize companies and individuals who are engaged in real estate management of any or all asset classes, and from companies of any size. Winners will be announced during the IREM Fall Conference at the Inaugural Gala Dinner and REME Awards on Friday, October 21, 2016, in San Diego, CA. About The Schochet Companies The Schochet Companies is a full service real estate development and management company founded by Jay R. Schochet in 1973.  Since that time the company has developed, owned, and/or managed in excess of 7,000 apartments and over 600,000 square feet of retail and commercial space throughout New England and on the West Coast.  Today, The ...
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Preservation & Acquisition of Glen Meadow Apartments in Franklin, MA

CBRE/NE Press Release

CBRE/NE MULTIFAMILY GROUP SELLS GLEN MEADOW FOR $51.1M

Press Release - Shepherd Park and Capitol Towers Celebrate RHF’s 55 years of Affordable Housing in Hartford, CT

Press Release - Riverside Village Celebrates RHF’s 55 years of Affordable Housing in Leominster, MA

Press Release - Seabury Heights Celebrates RHF’s 55 years of Affordable Housing in Worcester, MA

Press Release - Douglas House and Hamilton Wade Celebrate RHF’s 55 years of Affordable Housing in Brockton, MA

Symphony East and West, Stearns and Mason Place Celebrate RHF’s 55 years of Affordable Housing in Boston, MA

Binnall House Celebrates RHF’s 55 years of Affordable Housing in Gardner, MA

MassHousing Press Release

Seniors and Disabled Residents Living at Binnall House in Gardner Will See Extension of Affordability as a Result of Innovative MassHousing Loan Program