Shrewsbury apartment project receives $49M in MassHousing financing, low-income tax credits
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526 Hartford Turnpike in Shrewsbury, the future site of The Pointe at Hill Farms, a new 93-unit apartment complex.
The Massachusetts Housing Finance Agency, known as MassHousing, will provide approximately $21 million in financing to support the development of The Pointe at Hill Farms, a new 93-unit apartment complex in Shrewsbury.
The new apartments will be constructed by WinnCompanies, a Boston-based property management company, and will feature two three-story buildings at 526 Hartford Turnpike to include units for residents with a range of different incomes, according to a release issued by MassHousing on Thursday.
“MassHousing is pleased to be a partner with WinnCompanies in this effort to transform an underutilized parcel into an exciting new housing community in Shrewsbury that will provide residents of different incomes with housing stability and economic opportunity,” MassHousing CEO Chrystal Kornegay said in the press release.
The financing deal will include $10.3 million in permanent financing, $7.9 million in tax credit equity bridge loan financing, and $2.8 million from MassHousing’s Workforce Housing Initiative, which is designed to create affordable housing for middle-income renters and homebuyers.
Other funding from the project will come from $28 million in equity derived from Low-Income Housing Tax Credits, with those credits being allocated by the Massachusetts Executive Office of Housing and Livable Communities.
The 93 units will be designed by Lawrence-based Cube 3 Architects and built by Dellbrook JKS, a construction company based in Quincy. Featuring three studio apartments, 33 one-bedroom units, 36 two-bedroom units, and 10 three-bedroom units, The Pointe at Hill Farms will feature 13 units supported by state and federal housing vouchers.
These units will be restricted to households earning up to 30% of the area median income, while a further 43 apartments will be restricted to households earning up to 60% of AMI. An additional 21 units will be workforce apartments featuring households earning up to 110% of the AMI, with the remaining 16 units featuring no income restrictions.
Founded in 1971 in Boston, WinnCompanies has more than 4,000 employees across the country, operating 125 apartment complexes in 11 states plus Washington, D.C. The company is involved in a number of ongoing housing projects in Central Massachusetts, including a $52-million redevelopment of the former site of the Boys Clubs in Worcester and the redevelopment of Downtown Worcester’s Slater Building into apartments.
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