August 14, 2012 - Goulston & Storrs is pleased to announce that it successfully represented State Street Development on the $116M sale of a six property portfolio to the Preservation of Affordable Housing (POAH). The sale of this portfolio was the largest deal in Massachusetts Housing Finance Agency (MHFA) history, at a total of $164 million in financing and tax credits.
The Preservation of Affordable Housing Inc. purchased Kenmore Abbey, plus four other similar properties totaling 642 units from State Street Development.
Goulston & Storrs attorneys, David Abromowitz, Julia Livingston, Chris Regnier and Alex Burakoff, represented the seller of this project. The deal included the Kenmore Abbey, which consists of two seven-story buildings which has 199 apartments for senior citizens. Also included is the former Kenmore Hotel facing Commonwealth Avenue and the Wadsworth building on Newbury Street facing the Massachusetts Turnpike.
Doug Husid, a co-managing director at the firm states “The sale of this portfolio confirms the economic success taking place in Boston. We are thrilled to be part of the recovery process, helping clients to achieve their business goals.”
For more information regarding this press release, please contact:
Theresa F. Bomba
Associate Director of Marketing