Berkadia Secures $32.6M in Financing for Affordable Housing Community in Milton, Massachusetts
Boston, Massachusetts – August 12, 2026 – Berkadia, a distinguished leader in the commercial real estate sector, announced today the financing of Residences at East Milton Square, a 92-unit, garden-style multifamily property in Milton, Massachusetts. Managing Director Heather Olson, Associate Director Emily Pope, and VP – Originations Anne Stephenson of Berkadia Affordable Housing, led the Berkadia team in securing $32.6 million in permanent financing through MassHousing with a Freddie Mac Affordable Forward Commitment on behalf of the developers, Massachusetts-based Joseph J. Corcoran Company and The Falconi Companies.
The deal marks Berkadia’s first closing with MassHousing under their BILD (Bringing Innovation to Lending and Development) program with a Freddie Mac loan. BILD creates financing solutions for market-oriented, mixed-income rental housing construction to catalyze private capital investment. For each FORGE Loan, MassHousing provides 10% of the debt as a subordinate loan in a first loan loss position. This enables the borrower to access Freddie Mac’s. Affordable Forward Commitment Program.
“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,” said Olson. “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.”
“MassHousing is thrilled to celebrate this important milestone, advancing new housing options for Massachusetts families,” said MassHousing CEO Chrystal Kornegay. “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.”
Once complete, the mixed-income community will offer 75% market-rate units and 25% affordable housing units to 92 families. Residences at East Milton Square will improve the experiences of businesses, shops, and restaurants while increasing the housing options in the community.
Berkadia Affordable Housing is a fully integrated financial services platform comprised of mortgage banking, investment sales, and tax credit syndication that delivers comprehensive investment solutions to clients across the country and distinguishes itself by pairing deep technical expertise and a wide array of product offerings with the drive and focus necessary to help clients grow their business.