On November 17, 2025, Siebert Williams Shank (“SWS”) served as Co-Joint Senior Manager for the Massachusetts Housing Finance Agency’s (“MassHousing” or the “Agency”) $283 million Multifamily Housing Bonds, 2025 Series C. This represented SWS’ first senior managed transaction for MassHousing.

The bonds were issued to provide construction, permanent and bridge financing for certain multi-family residential developments selected by MassHousing. SWS worked seamlessly with the Co-Joint Senior Manager, MassHousing’s financial advisor and tax counsel to structure and optimize the financing. The permanent financing C-1 and C-2 bonds were structured as level debt with a final maturity in 2068 and an 8-year call, and the short-term financing C-3 bonds were structured to manage construction completion risk and with a 1.5-year early redemption before the final maturity.

In the week prior to pricing, new issue supply was lighter than average due to the holiday shortened week and caused an increase in supply the week of pricing. The calendar consisted of $11.8 billion of negotiated supply and $685 million of housing transactions. Given the large calendar, the financing team decided to come to market on Monday, November 17th ahead of other transactions. The POS was viewed by 48 different investors, of which 10 investors placed orders totaling $223 million (60% of total orders for C-1 and C-3).

All of the bonds were offered during the retail order period, and as a strategy to encourage institutional demand, MassHousing reserved the right to limit the retail allotments on each maturity to 50% of the aggregate par value of each maturity at the final price. Given the strong retail order period and large forward calendar expected to price later in the week, the financing team elected to accelerate the institutional pricing into the afternoon of November 17th. 

Significant institutional participation was generated from 24 different investors totaling $301 million of orders for C-1 and C-3, resulting in an overall subscription level of 1.4x.

At repricing, we reduced the yield on the 2045 maturity for C-1 by 5 basis points. The final overall bond yield was 4.511%.