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Boston & New England  + Metro Boston  + Apartments  | 
The Pacific Mills Wool Complex in Lawrence, MA has been transformed into a mixed-income, affordable housing complex named Pac10 Lofts.

1910-Vintage Pacific Mills Wool Complex Warms to $41M Affordable Housing Makeover

MassHousing has closed on a total of $40.8 million in financing to Reed Community Partners, LLC, for the creation of Pac10 Lofts, a new, 180-unit affordable and workforce housing community in the Gateway City of Lawrence, MA.

Reed Community Partners has transformed a six-story section of the former Pacific Mills textile complex into new, mixed-income housing for households across a range of incomes, including 40 workforce housing units for moderate-income families. 

Pacific Mills, a former textile mill, was originally built in 1910. The Pac10 Lofts project on Methuen Street is the first phase of a two-phase redevelopment of the mill complex. The development includes a fitness center, event space and a conference room on each floor.

MassHousing provided $17.8 million in tax-exempt permanent financing, an $18 million tax-exempt bridge loan, and $5 million from the agency’s Workforce Housing Initiative. Other financing sources included $28.8 million in tax credit equity from an allocation of federal Low-Income Housing Tax Credits by the Massachusetts DHCD, $2.5 million in State Historic Tax credit equity, $43.3 million in construction financing from Sterling Bank and Trust, a $3.6 million acquisition note, $3.2 million in developer financing, $210,000 in CDBG financing from the City of Lawrence, and $175,000 from the Massachusetts Clean Energy Center. The tax credit investor was Affordable Housing Partners, Inc., an affiliate of Berkshire Hathaway.

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About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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