Leominster apartment complex awarded $15M for repairs
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Whitney Carriage Park apartments is a 181-unit complex in Leominster.
Substantial improvements are on the horizon for a 181-unit Leominster apartment complex after the state agency MassHousing announced $15 million in affordable housing financing for the Whitney Carriage Park apartments.
Whitney Carriage Park is located at 124 Water St. in Leominster, and contains 13 one-bedroom apartments, 135 two-bedroom apartments and 33 three-bedroom apartments, 28 of which are townhomes. The property is a former baby carriage mill complex originally built in the 1800s and converted to rental housing in 1987.
MassHousing is providing the property’s owner, an affiliate of Farragut Investments in Illinois, with a $10.9 million taxable permanent mortgage, as well as a $4.1 million capital needs loan.
The funding will be used to make critical repairs, according to a release from MassHousing, including replacing historic windows, repairing roofs and exterior masonry, upgrading units and common areas, upgrading sprinkler and HVAC systems, and performing elevator, accessibility and security system maintenance work.
As part of the financing, the affordability of 45 rental homes in the complex will be preserved in perpetuity. Thirty-seven units at the property are affordable to households earning at or below 50% of the area median income and eight units are affordable to households earning at or below 80%.
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