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MOVERS & SHAKERS; Affordable units backed in Newton and Holyoke

State affordable-housing bank MassHousing is awarding nearly $46 million in loans to mixed-use rental projects in Newton and Holyoke.

The agency approved a $42.2 million loan for Avalon at Chestnut Hill, a planned 204-unit complex on Route 9 across from Newton's Chestnut Hill Mall.

Developer AvalonBay Communities plans to construct two four- story buildings and a 486-car underground garage at the site, which previously housed the Park Inn Motel.

MassHousing Executive Director Thomas Gleason said the project will "help meet the affordable housing needs of Newton, (but also) fit in well with the surrounding neighborhood."

AvalonBay is developing the project under the state Chapter 40B "anti-snob zoning law," which lets builders construct affordable- housing projects larger than allowed under local zoning.

The development will include 161 market-rate rental units and 43 affordable ones.

Twenty-one of the affordable units will go to low-income renters (those earning less than $37,200 a year for a family of three). Another 20 apartments will go to tenants using Section 8 federal rental subsidies.

Additionally, two units will rent to moderate-income tenants (those making less than $59,550 per year for a family of three).

Affordable units will cost as little as $639 a month - far below the site's $1,500 to $3,100 market-rate rents.

Separately, MassHousing also approved a $3.4 million loan to refinance Holyoke's Prospect Heights site.

The 96-unit complex houses low-income seniors.

In exchange for the loan, the complex's operator is promising to keep Prospect Heights reserved for low-income seniors until at least 2020.

Whitinsville-based ERA Key Realty said its sales rose 29 percent in 2004 to total $556.5 million - the first time that the 5-year- old firm's annual volume has exceeded a half-billion dollars.

"I'm pleased we were able to maintain our rapid rate of growth in spite of rising interest rates and a volatile economy," company President Bruce Taylor said. "The hard work of our agents has been the key to ERA Key's continued growth."

All told, ERA Key sold 1,946 properties last year, up from 1,683 in 2003. The company has 11 Metrowest offices and 300 agents.

Promotions: ERA Boston Real Estate Group has promoted Anthony Segrich to chief operating officer and Lisa Merriman to vice president. Carlson GMAC Real Estate has promoted Westfield branch manager Tim Derrig to Western Massachusetts district manager. In his new role, Derrig will oversee seven Greater Springfield offices.

Carlson GMAC also promoted agent June O'Keefe to branch executive of its Reading office.

Hires: Century 21 The Alexanders has named Rita Barreto and Theresa Prevett Dumais as agents for its Westwood office and Maureen Callahan as a Needham-based saleswoman. Century 21 Annex Realty has hired Orlando Malaves as a Quincy-based salesman and Marcia Rudnick- Schwartz as a Hanover saleswoman.

Kronenberg is the Herald's real estate editor. Share real estate news with him at realestate@bostonherald.com, or via fax at 617-619- 6388.