The Schochet Companies > News > Press Releases

Schochet Press Releases

FINALIZED AGREEMENT PRESERVES 504 AFFORDABLE HOUSING UNITS AT FRESH POND APARTMENTS Published 3 months ago
The agreement will preserve 166 former Below Market Interest Rate (BMIR) units as affordable for at least 50 years through City funding and commits the owner to renew its contract with the US Department of Housing and Urban Development (HUD) to maintain 338 apartments as project-based Section 8 units for the term of the Agreement. The former BMIR units will be preserved in two tiers, one for Low-Income households (available to households earning at or below 80% of Area Median Income adjusted for family size (AMI)) and one for Moderate-Income households (available to households earning 80% to 95% of AMI). Rindge Associates is a limited partnership of investors with day-to-day-decisions made by the general partner, an affiliate of The Schochet Companies. Cambridge Mayor Sumbul Siddiqui said she was particularly proud of the preservation transaction because Fresh Pond Apartments (formerly known as Rindge Towers) is where she grew up and where she and her family had a stable foundation for opportunity and growth. She said, “I am so pleased this deal has been finalized and that these units will remain affordable for ...
read more >
SCHOCHET RETAINS TASHA DAVIS AS PORTFOLIO MANAGER Published 11 months ago
Davis joins Schochet from Peabody Properties, where she was a multi-site senior community manager responsible for supervision of five sites. Prior to that, she held positions as senior community manager for Trinity Management LLC; and as property manager for Maloney Properties, Cruz Management and Hallkeen Management Co. Davis holds a bachelor of science degree from Cambridge College and anticipates receiving a Masters in Urban Affairs from Boston University in May 2022. She is a candidate for Certified Property Manager and has obtained certification in the following areas: Institute of Real Estate Management (IREM) Accredited Residential Manager; National Center for Housing Management; Site Based Budgeting Specialist; Certified Occupancy Specialist; New England Affordable Housing Management Association Tax Credit Specialist; Spectrum Enterprises Certified Credit Compliance Professional; IREM – Executive Councilor, as well as receiving a Communities of Quality-Exemplary Family Property Award in 2015. As portfolio manager, Davis will be responsible for overseeing 10 to 15 properties within the Schochet portfolio of affordable and luxury housing and commercial retail space, including the delivery of services and support to staff, tenants and properties; implementing standardized processes ...
read more >
ANGELA CRUZ PROMOTED TO DIRECTOR OF COMPLIANCE Published 11 months ago
Cruz, most recently senior compliance specialist, began at Schochet as a compliance specialist in 2011, following positions as assistant property manager at Winn Residential and housing assistance specialist at Somerville Community Corp. Earlier in her career, she held customer service positions at The Charles Hotel and The New York Public Library. As director of compliance, Cruz will use her property management, training, and regulatory compliance experience to ensure adherence to Housing and Urban Development and Low-Income Housing Tax Credit regulations across the Schochet portfolio of affordable and luxury housing and commercial retail space, which include more than 5,000 apartments and 100,000 square feet of commercial space throughout New England. Additionally, she will ensure that properties are receiving the requested subsidy and assist property staff in resolving issues when subsidy is not received. The Schochet Companies President Richard Henken, said, “We are proud to already count among our staff a professional with the skills, credentials and expertise necessary for this critical position. Angela worked closely with Grace to build and maintain Schochet’s excellent industry reputation and we are excited about the role ...
read more >
Lawyers Clearinghouse Honors The Schochet Companies President Richard J. Henken at Annual Meeting Published last year
Henken officially joined Schochet as its Executive Vice President in 1997, after having been affiliated with, and an advisor to, the company for more than a decade. In 2004, Mr. Henken became President of Schochet Companies including Schochet Development, Schochet Investments, and Schochet Property Management. Since joining the company Mr. Henken has been responsible for closing transactions valued in excess of $400 million, including the acquisition and preservation as affordable of 2,800+ apartments in 16 developments. Event Chair Nick Moise, senior vice president and director of commercial real estate at Eastern Banks, said, “I don’t think there is another person in the industry as generous and as thoughtful as Rick when it comes to stepping up to the plate. If I have a cause that I need some help with, Rick has been my first call over the years. He’s a great guy and a great friend.” Henken sits on several Boards, including the Catholic Schools Foundation Inner City Scholarship Fund where he is past President; the Rental Housing Association of Greater Boston Real Estate Board, where he is past President, ...
read more >
SCHOCHET COO AWARDED NAHP-e DESIGNATION Published last year
The NAHP-e certification was conceived and designed to recognize those individuals who own, operate, manage, or assist in the management of affordable housing. The NAHP-e designation is awarded to the affordable housing managers who meet NAHMA’s stringent requirements in the areas of education, experience, and ethical conduct. Flad, Schochet’s COO since 2009, is responsible for the firm’s corporate and property operations, capital projects, leasing, regulatory compliance, and staff development and empowerment. Since 1983, Mr. Flad has actively managed and repositioned A, B and C grade market rate, tax credit, and subsidized, multifamily investment assets. He has held select executive and senior level corporate positions in the real estate industry, most notably Vice President and Partner at The Boston Financial Group, a national owner and manager of multifamily investments, and Principal of New Facets Consulting, a practice specializing in organizational change management and project management for real estate firms. He holds a Bachelor of Arts degree with high honors from Boston University and a Master of City Planning degree from MIT. He has also earned certificates from the Mid-Career Executive Program ...
read more >
Retirement Housing Foundation and The Schochet Companies Preserve an Affordable Housing Community in Attleboro, MA Published last year
Hillcrest Acres Apartments is an expired Rent Supplement and Section 236 property, with a mixed income, but mostly affordable, resident population. With all affordability restrictions having expired, the project was at high risk of being lost to a market rate buyer, potentially leading to community disruption and displacement of many lower income households. “I am pleased to welcome Hillcrest Acres to the RHF family of 198 communities,” Dr. Laverne Joseph, President and CEO of RHF. “There is a large and growing need for affordable housing and we are doing our best to address that need.” With the goal of preserving this critical asset as affordable, the development team worked tirelessly with the property owner for over a year to reach agreement on a transaction which would satisfy the seller while also allowing for long term preservation of the property. To facilitate preservation, the Community Economic Development Assistance Corporation (CEDAC) has provided a $8.4M acquisition loan allowing for a bridge to a low income housing tax credit transaction which, coupled with financing and funding from other public sources, will allow for a ...
read more >
ROBERT E. WEBER HIRED AS DIRECTOR OF FACILITIES Published last year
Weber was most recently director of engineering, plant operations & maintenance at Falmouth Hospital. Immediately prior to that, he was facility manager, plant operations & maintenance at Cape Cod Hospital. In both positions, he managed and oversaw all aspects of Cape Cod Healthcare’s buildings, grounds, maintenance, construction, aesthetics, and budgeting for a 16-building portfolio, which included resident rehab centers and nursing facilities, ensuring that the facility remained in compliance with all local, state, and federal healthcare regulations. Weber graduated from Massachusetts Maritime Academy with a degree in Marine Engineering in 2008, following which he worked in the offshore drilling industry for eight years, where he was responsible for commissioning, operation, and maintenance of marine and oil drilling systems, gaining experience with complex mechanical systems. Subsequently, he obtained his United States Coast Guard license as Chief Engineer and embarked upon a career on-shore, including serving as an engineering consultant for CO Energy and Engineering, where he provided a suite of commissioning services for healthcare, commercial, residential, industrial and institutional industries including planning and commissioning services for emergency power systems; complying with ...
read more >
Fenway CDC and Schochet close $53 million Tax Credit Equity and Construction Financing for Newcastle Saranac Apartments Published last year
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 ...
read more >
South End Mixed-Income Housing Community Will Undergo Major Renovation and the Preservation of Affordability with $30.3 million in MassHousing Financing Published last year
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 ...
read more >
JONATHAN ROSE COMPANIES AND SCHOCHET PARTNER ACQUIRE RIVERSIDE TOWERS Published last year
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, ...
read more >
THE SCHOCHET COMPANIES ACQUIRES PORTSMOUTH’S BAY VIEW ESTATES Published 2 years ago
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 ...
read more >
Eagle Scout Project and Dedication Ceremony at Seabury Heights Published 2 years 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.
read more >

The Schochet Companies News

Press releases, events, and related news.

RHF and Schochet Companies Preserve Symphony Towers in $136 Million Transaction.

February 15, 2018 4326 4326

The 404-unit housing community near Symphony Hall was refinanced using the Federal Housing Administration’s Housing Tax Credit Pilot Program, which will allow for $14.5 million in property renovation and extension of affordability for at least 20 years.