Winn Cos. Secures Funds for $137M Affordable Asset Revamp

Pines of Periton. Image courtesy of Yardi Matrix

Winn Cos. has secured financing for the $137 million rehabilitation of Pines of Perinton, a 508-unit affordable multifamily community in Fairport, N.Y., in the Rochester area. The occupied renovation is slated to break ground later this year, with completion anticipated by the fall of 2025.

Project financing includes $69.2 million in revenue bonds, as well as $34.8 million in subsidy loans from the New York State Housing Finance Agency, according to public records. The same source shows that Winn Cos. is also contributing $2 million. Other parties involved in the project include The New York State Energy and Research Authority, which are providing energy efficiency grants, and Bank of America which provided a construction loan letter of credit.

Much-needed improvements

Renovations are slated to upgrade all units and replace the roof of every building, as well as rebuild the 19 apartments lost in a large fire in January 2022. Funds are also meant for the expansion and preservation of affordability for a minimum of 40 years. As part of this goal, 61 apartments will be designated as LIHTC units, and 26 apartments will be converted to ADA accessible units. DiMarco Constructors will serve as general contractor, working with The Architectural Team.

Completed in 1976, the property comprises five two-story buildings which incorporate studio, one-, two-, three- and four-bedroom apartments ranging from 476 to 1,332 square feet. All residences are reserved for individuals earning at or below thresholds between 40 and 80 percent of the area median income, public records show. The community building will also be upgraded to include a fitness center, business center and event space. Other common-area facilities encompass a pond, a playground and four laundry rooms.

Located at 1 White Pine Circle, the 42.6-acre site is close to Interstate 490 and roughly 11 miles from downtown Rochester. The community is also near North Main Street, along which there are multiple retail and dining options. It is also in the vicinity of Island Valley and Eagle Vale golf courses.

Winn Cos. CEO Gilbert Winn stated in prepared remarks that the renovations have been planned since 2019, but greatly delayed by the pandemic. Senior Vice President of Community Development Banking at Bank of America emphasized the urgent necessity for affordable housing units in the county.