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WinnCompanies Lines Up Financing for First Phase of Public Housing Redevelopment
WinnCompanies and the Boston Housing Authority closed on financing for the construction of a new $62-million apartment building and $8 million in major infrastructure work for the redevelopment of the Mary Ellen McCormack public housing complex in South Boston, launching the first phase of the 3,300-unit mixed-income and mixed-use project.
When completed in the fall of 2026, the first 112,000-square-foot building will provide 94 apartments for low-income families currently living at the Mary Ellen McCormack community. Building A will also provide a new Veterans Park, among other public benefits.
WinnCompanies CEO Gilbert Winn said, “This first building jumpstarts an ambitious and inspired undertaking many years in the making that will ultimately give rise to a new mixed-income and mixed-use neighborhood.”
Funding sources include a construction loan, federal Low Income Housing Tax Credit and Energy Tax Credit equity from Bank of America and a tax-exempt bridge loan and tax-exempt first mortgage loan from MassHousing.
- ◦Development
- ◦Financing
