MassHousing Announces $2 Million in Loan Commitments for the Development of Affordable Senior Rental Housing

BOSTON – June 30, 2010 – MassHousing announced $2 million in loan commitments today for the acquisition and rehabilitation of the Wampanoag Mill in Fall River into 97 apartments for residents over age 55.

WinnDevelopment of Boston is developing the Wampanoag Mill, a historic, five-story, stone building constructed in 1872 on Quequechan Street in Fall River. Of the 97 apartments, 63 will be affordable and 34 will be rented at market rates.

MassHousing has committed $1.1 million in taxable permanent financing and up to $900,000 in Priority Development Fund financing.

“Wampanoag Mill will be transformed from an underutilized commercial building into a vibrant apartment community for senior citizens,’’ said MassHousing Executive Director Thomas R. Gleason. “The mill building has a long history of commercial and industrial use and that legacy will be a part of its revitalization into quality affordable housing for seniors in Fall River.’’

Wampanoag Mill, which will be renamed Curtain Lofts, will feature green building technology and contain 91 one-bedroom apartments and 6 two-bedroom apartments. The development will also have an on-site management office, a tenant lounge, function room and an exercise room with laundry facilities on each floor.

“Through the inclusion of Leadership in Energy and Environmental Design (LEED), modern interiors and the addition of tremendous common area amenities all offered within a historically sensitive design scheme, this underutilized mill will become The Curtain Lofts, and will serve as a long-term housing resource for all income brackets of Fall river’s elderly population,’’ said Gilbert Winn of WinnDevelopment. “We thank MassHousing for its support in bringing this redevelopment to fruition.’’

The contractor will be Keith Construction of Stoughton, the architect is the Architectural Team, Inc. of Chelsea, and the management agent will be WinnResidential of Boston.
Other funding sources are the Massachusetts Department of Housing and Community Development, the city of Fall River and Bank of America.

About WinnDevelopment
Founded in 1971 and headquartered in Boston’s Historic Faneuil Hall, WinnCompanies develops, acquires and manages multi-family and mixed-use properties in 20 states. WinnDevelopment is nationally recognized in the affordable and mixed-use housing arena. Recently, WinnDevelopment has become an industry leader in the redevelopment of historic buildings with a specific focus on Green/Sustainable outcomes. WinnResidential and its 2,300 employees, manage a multi-family portfolio which includes more than 75,000 residences across the country, including its Military Housing Services division, which extends from the East Coast to the Southwest to Hawaii. Through the implementation of superior management practices coupled with adequate capital resources, Winn’s projects are nurtured into successful long-term operation.

About MassHousing
MassHousing (The Massachusetts Housing Finance Agency) is an independent, quasi-public agency created in 1966 and charged with providing financing for affordable housing in Massachusetts. The Agency raises capital by selling bonds and lends the proceeds to low- and moderate-income homebuyers and homeowners, and to developers who build or preserve affordable and/or mixed-income rental housing. MassHousing does not use taxpayer dollars to sustain its operations, although it administers some publicly funded programs on behalf of the Commonwealth. Since its inception, MassHousing has provided more than $10.4 billion for affordable housing. For more information, visit the MassHousing website at www.masshousing.com.

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