MassHousing Secures $14M Financing For Swampscott Mixed-Income Housing

MassHousing has successfully closed on $14 million in permanent financing for The Westcott, a major new mixed-income housing development located in Swampscott, Massachusetts. Developed by WinnCompanies, this ambitious $69.1 million project transformed a neglected former industrial parcel into a vibrant residential community.

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Financing Structure and Capital Stack

The recent financial closure finalizes the complex capital stack required for this large-scale residential undertaking. MassHousing’s total financial commitment to the property reached an impressive $28.4 million, which includes workforce housing support and tax credit bridge financing.

Public and Private Funding Partnerships

Additional financial backing was secured through partnerships with Bank of America, state and federal Low Income Housing Tax Credits, and local ARPA grants. This diverse funding mix ensures long-term economic stability and community resilience for the surrounding area.

The 114 apartments serve households across a wide spectrum of diverse income levels. Units are restricted to 30%, 60%, and 110% of the Area Median Income, sitting comfortably alongside standard market-rate options.

Sustainable Design and Modern Amenities

Built to stringent Passive House standards, the energy-efficient building targets a remarkable 58% reduction in operational carbon emissions. Eco-friendly construction remains a crucial focus for modern home design and community planning.

Sustainability features incorporated into the property include a robust 50-kilowatt rooftop solar array and triple-glazed windows. High-efficiency heat pumps further enhance the environmental profile of this striking residential complex.

Transit-Oriented Living Spaces

Situated within walking distance of public transportation, the property emphasizes smart transit-oriented design principles. A convenient lobby screen displays real-time public transit information, complemented by electric vehicle charging stations and secure bicycle storage.

Residents can also take advantage of high-end lifestyle amenities, including a state-of-the-art fitness center and private workspaces. Additional shared spaces feature a creative makerspace and a stunning three-season rooftop deck offering sweeping views of the Atlantic Ocean.

 
Here is the source article for this story: Financing Completed for 114-Unit The Westcott in Swampscott