Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Affordable Housing Management topic
No spam. Unsubscribe anytime.
Select Board approves Halkyne Management transfer of Academy Hill contract to HK Management LLC
Summary
The Select Board unanimously approved the assignment of the Academy Hill Apartments management contract from Halkyne Management to HK Management LLC after staff due diligence; Academy Hill has 29 units — 12 subsidized and 17 market rate — and staff scheduled an on-site review.
Town staff recommended and the Select Board voted unanimously to approve assignment of the management agreement for the Academy Hill Apartments, a 29‑unit property at 4 Westminster Street, from Halkyne Management to HK Management LLC.
Robert Piestrowski, a municipal real estate specialist, told the board the town, as ground lessor, conducted due diligence on finances, pending litigation and recent infrastructure investments before recommending approval. He said an on-site tour was scheduled for the coming Friday and that MassHousing holds the note and regulatory agreement dating from the 2018 refinancing.
Andrew Burns, president of Halkyne Management, said the management company is entering a strategic alliance with Douglas Park Group and Norton Point to form HK Management LLC and that Halkyne will retain a 40% ownership interest in the new entity. Burns said the sale of the management assets was largely seller‑financed; he described management as a low‑margin business and said the total value of the management company was about $1.5 million.
Piestrowski summarized staff review: Academy Hill has 29 units, of which 12 are subsidized and 17 are market rate; all residents are year‑round and the property has been monitored for capital reserves and insurance coverage. Town counsel and finance staff participated in the due diligence and were available to answer questions at the meeting.
Board members asked how ‘‘year‑round’’ occupancy was determined; Burns said on‑site management and lease records provided the information. Vicky Marsh, town counsel, noted the original affordability requirement binds residents to use units as their principal residence per earlier MassHousing restrictions and that newer ‘‘year‑round’’ definitions being considered by state agencies could be adopted for future projects but typically do not apply retroactively without MassHousing concurrence.
After discussion the board approved the transfer by roll call: Matt Feeney, Tom Dixon, Brooke Moore, Malcolm McNabb and John Holgate each voted aye. The motion carried unanimously.
Staff will complete an on‑site energy audit evaluation and insurance review and finalize documentation prepared by Town Counsel prior to executing the assignment.
