WinnCompanies Lands $11M Loan for Boston Redevelopments
- Jul 26, 2019
MassHousing has closed on $11.2 million in financing for WinnCompanies, which plans to develop 22 affordable housing units and 30 mixed-income condominiums on the East Boston waterfront. Cranshaw Construction is the general contractor for Clippership Apartments and Clippership Condominiums, while The Architectural Team provides architecture services. WinnResidential will be in charge of property management.
The two projects are set to rise on the site of Boston Housing Authority’s Heritage Apartments public housing community. Four buildings containing 20 units will be demolished and replaced by two new ones. Floorplans will vary from one- to four-bedrooms. The redevelopment project is meant to improve public access to the waterfront from the Maverick Square neighborhood.
Clippership Apartments will accept Section 8 vouchers, with three units to serve households earning at or below 30 percent of the area’s median income and 19 apartments set aside for those earning at or below 60 percent of AMI, which in Boston is $113,300 for a family of four. Clippership Apartments will include ground-floor retail space, community space and a bicycle storage room. Of the for-sale condominiums, 14 will be deed-restricted workforce housing units, with six of them affordable to households earning up to 80 percent of AMI and eight set aside for those earning up to 120 percent of AMI. The remaining 16 condominium units will be sold at market rates.
WinnCompanies received a $6.6 million permanent mortgage and $3.6 million in bridge loan financing for the rental development. MassHousing also provided $1 million from the agency’s Workforce Housing Initiative to support the creation of the 14 middle-income condo units. The MassHousing financing will generate $7.6 million in low-income housing tax credit equity for the rental project. Additional financing sources include $9 million from the Boston Planning and Development Agency, contributed by Lendlease Inc.’s adjacent Clippership Wharf project.
Until now, MassHousing has financed 17 rental housing communities in East Boston, involving 1,808 units and $210.2 million in financing. The agency has partnered with WinnCompanies several times before, including last month, when it provided the firm with $49.3 million in financing for the acquisition of The Tannery, a 284-unit affordable housing community in Peabody, Mass.