Berkadia Secures $32.6 Million Financing for 92-Unit Mixed-Income Multifamily in Milton, Massachusetts
Berkadia has secured $32.6 million in permanent financing for Residences at East Milton Square, a 92-unit, garden-style multifamily property in Milton, Massachusetts, the firm announced Aug. 12. The deal was arranged on behalf of developers JJC Company and The Falconi Companies, both Massachusetts-based firms.
Deal Structure: MassHousing BILD Program and Freddie Mac Affordable Forward Commitment
The financing combines MassHousing's BILD — Bringing Innovation to Lending and Development — program with a Freddie Mac Affordable Forward Commitment, a structure designed to support mixed-income rental housing construction by pairing public subordinate capital with permanent private debt. Under the BILD framework, MassHousing provides 10% of the debt as a subordinate loan in a first-loss position for each FORGE Loan, which enables the borrower to access Freddie Mac's Affordable Forward Commitment Program.
The transaction marks Berkadia's first closing with MassHousing under the BILD program using a Freddie Mac loan. MassHousing CEO Chrystal Kornegay described it as a first-of-its-kind transaction in Massachusetts.
"MassHousing is thrilled to celebrate this important milestone, advancing new housing options for Massachusetts families," Kornegay said. "The Residences at East Milton is MassHousing's first financing transaction in partnership with Berkadia, as well as a first-of-its-kind transaction in Massachusetts: A public-private financing partnership that combines public investment equity with permanent mortgage financing from Berkadia and Freddie Mac. Berkadia brought creativity and tremendous financial capacity to this transaction, and we thank them for partnership."
Berkadia Team and Borrower Details
The Berkadia Affordable Housing team was led by Managing Director Heather Olson, alongside Associate Director Emily Pope and VP of Originations Anne Stephenson. The borrowers, Joseph J. Corcoran Company and The Falconi Companies, are the project's co-developers.
"Residences at East Milton Square represents the kind of thoughtful mixed-income development that communities increasingly need, and we're proud to help bring this financing to life through MassHousing's innovative BILD program and Freddie Mac's Affordable Forward Commitment Program," Olson said. "This execution provided the borrower with meaningful flexibility, while supporting the creation of new housing options that will benefit Milton residents and the broader community."
Property Overview: Mixed-Income Units in Milton
Once complete, Residences at East Milton Square will offer 92 units across a garden-style community, with 75% of units designated as market-rate and 25% as affordable housing. The development is intended to expand housing options for Milton residents while also supporting nearby businesses, shops, and restaurants in the East Milton Square area.
Market Context: Public-Private Structures Addressing Financing Challenges
The BILD and FORGE framework reflects a broader trend in which state housing finance agencies are deploying subordinate debt to unlock private capital for mixed-income projects. By absorbing first-loss risk, MassHousing's subordinate position reduces execution risk on the permanent financing side, making it possible for developers to access agency-backed debt through Freddie Mac's Affordable Forward Commitment Program. That kind of credit support has become increasingly relevant as mixed-income development remains difficult to finance in a higher-rate environment where traditional balance-sheet lending has tightened.
Berkadia Affordable Housing operates as a fully integrated financial services platform offering mortgage banking, investment sales, and tax credit syndication services.
Sources
Berkadia – Residences at East Milton Square, Milton, MA | Financed by Berkadia 2026