ORANGE — Residents of the Pine Crest and King James housing complexes in Orange can look forward to new curbing, walkways and lighting as part of refurbishments funded by state money, equity and a loan.
Richard Henken, president of The Schochet Companies, a Braintree-based real estate development and management company that oversees the complexes, said Pine Crest and King James will benefit from roughly $18 million that will go toward rehabilitation and the paying off of existing mortgages. He said about $5 million will be used for refurbishments.
Though Henken said the figures are subject to change, he predicts about $1.75 million will come from the state through subsidy funds, including federal HOME funds — a program that helps to create and preserve affordable housing, and state capital funds. About $10 million will be borrowed from the Massachusetts Housing Finance Agency. The Schochet Companies, Henken said, will also sell low-income housing tax credits to an investor to bring in equity.
Henken said approximately $5 million will be spent on refurbishments at Pine Crest and King James, neighboring complexes on East River Street. About 10 percent of the households are for those earning less than 30 percent of the area’s median income (AMI).
Henken said the complexes’ curbing, walkways and paving will be replaced because they have “gotten beat up and gotten tired.” Lighting around the sites will also be upgraded, he said.
Henken also said The Schochet Companies will replace “a large number of kitchens and bathrooms” and will conduct in-unit modifications. There will also be new roofs, doors, locks and windows throughout the complexes and modifications to the handicap-accessible units.
“It will be as close to a brand-new property as possible,” Henken said.
He mentioned the complexes are owned by the Retirement Housing Foundation, a national nonprofit organization based in Long Beach, Calif.
Reach Domenic Poli at: dpoli@recorder.com or 413-772-0261, ext. 258. On Twitter: @DomenicPoli