Boston-Area Asset Receives $29M Loan
Reed Realty Advisors will use the proceeds to finance the development of Pac 10 Lofts, a 180-unit affordable housing community in Lawrence, Mass.
MassHousing has arranged $28.8 million in financing on behalf of Reed Realty Advisors LLC for the development of Pac 10 Lofts, a 180-unit affordable housing community in Lawrence, Mass. Reed Realty plans to convert a part of the former Pacific Mills complex into mixed- and moderate-income residential units. LaRosa Construction Co. is the contractor, Auralith Architecture is the architect, and WinnCos. will manage the property.
Pac 10 Lofts, located at 5 Franklin St., is the first phase of a two-phase redevelopment of Pacific Mills. The building will comprise a mix of one-, two- and three-bedroom apartments. Of the 180 units, 18 will be for low-income households earning at or below 30 percent of the area median income (AMI)—$95,000 for a family of four in Laqrence—112 for households at 60 percent of AMI and 40 will target households earning less than 80 percent of AMI. The additional 10 units will be rented at market rates.
“Pac 10 Lofts will fill a critical need for mixed-income housing in downtown Lawrence, while transforming a vacant mill property into a vibrant, new housing community,” said Chrystal Kornegay, executive director of MassHousing, in prepared remarks.
Image courtesy of MassHousing