WinnCos. Lands Financing for Massachusetts Affordable Project

WinnCos. has secured roughly $21 million for the construction of The Pointe at Hills Farm, a 93-unit workforce housing community in Shrewsbury, Mass. MassHousing provided the funds which encompass $10.3 million in permanent financing, $7.9 million in tax credit equity bridge loan financing and $2.8 million through the Agency’s Workforce Housing Initiative.

Other sources of financing for the project include:

• $28 million in LIHTC equity allocated by the Massachusetts Executive Office of Housing and Livable Communities and provided by Bank of America
• $31 million in construction financing from Bank of America
• $3 million in direct support and $7 million in American Rescue Plan Act financing from EOHLC
• $4.1 million in ARPA financing through the Affordable Housing Trust Fund
• $265,000 from the Community Economic Development Corp.

The general contractor will be Dellbrook JKS and designs are provided by Cube 3 Architects. Construction is slated for completion in 18 months.

Of the total, 13 units will be reserved for individuals earning up to 30 percent of the area median income and will be supported by state MRVP and federal Section 8 housing vouchers. Additionally, 43 units will be restricted for households earning up to 60 percent of AMI and 21 units will be designated as workforce housing for individuals making up to 110 percent of AMI, while 16 units will be unrestricted.

The property will comprise two three-story buildings incorporating studio, one-, two- and three-bedroom floorplans ranging from 649 to 1,442 square feet, according to Yardi Matrix data. Common-area amenities are set to include a community kitchen, two work-from-home rooms, a fitness center, a conference room, a dog park and walking trails.

A well-located affordable project

Located at 526 Hartford Turnpike, the 9-acre site is some 7 miles from downtown Worcester, Mass., and roughly 40 miles west of Boston. It is also some 2 miles from an MBTA Commuter Rail Station.

Developer WinnCos. will also provide management services for the property. The firm currently owns 125 communities across 11 states as well as Washington, D.C., and manages more than 105,600 units nationwide. Recently, the firm secured $137 million for the rehabilitation of a 508-unit affordable property in the state of New York.