Everett Housing Authority Purchases Huntington Park, Furthering Community-Focused Strategic Plan
Huntington Park Apartments is under new ownership through Everett Housing Authority (EHA) as of March 11, 2022. The purchase of this 381-unit multi-family complex marks another step for EHA in alignment with their strategic goal of providing affordable housing to the Everett community.
Current residents of the complex will not be affected by this transition of ownership and EHA's hope is that they will benefit from the transaction, as the acquisition is part of a large-scale affordable housing preservation action. The property primarily services Everett's workforce and residents will benefit from the location of this property with walkable public transportation, grocery stores, restaurants, entertainment, and schools all within a one-mile radius. This will provide multiple job opportunities and transit options for working families.
"We are excited about this and to be able to provide to those that need affordable housing in our community," said EHA Executive Director Ashley Lommers-Johnson. "This is, by far, the largest acquisition we've ever made, and it has increased our housing portfolio by 25%. We wanted to make sure this housing is preserved for those in our community that need it."
EHA worked with the KeyBanc Capital Markets' public sector team to quickly finance the acquisition with a $118 million 100% loan-to-cost short-term debt. Simultaneously, EHA began the planning process of securing a credit rating and issuing tax-exempt bonds to secure permanent financing.
"We are proud to work with EHA to provide affordable housing for the Everett community. KeyBank has a long history of helping the clients and communities we serve to thrive." said Tony Pass, senior vice president, KeyBanc Capital Markets. "EHA is another forward-thinking Public Housing Authority demonstrating their ability to enhance service to its residents without the need for subsidy" added Sam Adams, managing director, KeyBanc Capital Markets.
Huntington Park was built in 1991 and offers a range of amenities that include a fitness center, pool, dog park, and clubhouse across almost 14 acres. Future renovations over the next several years will include window replacement, parking lot repair and sealcoat, roof replacements, and unit renovations as units turn over.
